Chart - Courtesy Trading View
Technical Analysis: Bias Bearish
- EUR/GBP was trading 0.20% higher on the day at 0.8333 at around 12:10 GMT
- Recovery in the pair lacks traction, price action slips lower from session highs at 0.8348
- Daily cloud offers stiff resistance and any further gains only on decisive break above
- MACD and ADX support downside, GMMA indicator shows near term trend is bearish
Support levels - 0.83, 0.8278 (Lower BB), 0.8205 (200-month MA)
Resistance levels - 0.8337 (5-DMA), 0.8367 (21-EMA), 0.8378 (20-DMA)
Summary: EUR/GBP recovery lacks traction, the pair is set to resume downside. Scope for test of channel base at 0.8225.
