- EUR/GBP is trading in a narrow range below 5-DMA, finds support near 0.87 handle.
- The pair hit session high of 0.8719 and a low of 0.8709 and is currently trading at 0.8714, largely unchanged on the day.
- The pair rebounded sharply in previous session on Nowotny's hawkish comments.
- ECB Governing Council member Ewald Nowotny, said that the European Central Bank will end asset buys this year.
- The major reversed dip to 0.8692 level and closed above 0.87 handle at 0.8714.
- Technical studies are biased lower. Price action edges lower in a falling channel pattern and we see scope for further weakness.
- Next bear target lies at 61.8% Fibo at 0.8682 ahead of major trendline support at 0.8665.
- On the flipside, 21-EMA at 0.8757 strong resistance. Breakout at 21-EMA cloud see some upside.
Support levels - 0.8682 (61.8% Fib), 0.8665 (major trendline), 0.86
Resistance levels - 0.8720 (5-DMA), 0.8757 (21-EMA), 0.88 (50% Fib)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-GBP-breaks-below-5-DMA-eyes-channel-base-at-08675-stay-short-1233011) has hit TP1.
Recommendation: Bias lower, hold for further weakness.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
