EURGBP declined sharply on the strong Pound sterling. It hit a low of 0.8450 and is currently trading around 0.84544.
The Policy divergence and weak Euro economic data put pressure on the pair at higher levels.
Technicals-
The pair is trading below 34- and 55 EMA in the hourly chart.
The near-term resistance is around 0.8480, a breach above targets 08520/0.8565. The immediate support is at 0.8450, any violation below will drag the pair to 08400/0.8345.
Indicator (hourly chart)
CCI (14)- Bearish
CCI (50)- Bearish
Average directional movement Index - bearish
It is good to sell on rallies around 0.84750-52 with SL around 0.8500 for a TP of 0.8400.
