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EURGBP trades in a narrow range between 0.84319 and 0.83931 for the past two days. Intraday bias remains bearish as long as resistance 0.8550 holds. It hit an intraday low of 0.84146 and is currently trading around 0.84313.
Technical Analysis
The pair is currently trading below the 34- and below 55-EMA on the 4-hour chart.
Bearish Trend Confirmation: Any break below 0.83780 confirms an intraday bearish trend. A drop to 0.8340/0.8300 is likely.
Near-Term Resistance: The near-term resistance is around 0.8450. Any violation above will take the pair to 0.8500/0.8550/0.8605/ 0.8660/0.8765/0.8800.
Indicator Analysis (4-hour chart)
- CCI (50): Bearish
- Average Directional Movement Index: Bearish
Trading Recommendation
It is good to sell on rallies around 0.8428-30 with SL around 0.8478 for a TP of 0.8300.
