EURGBP was one of the worst performers in this month. It hit a low of 0.84502 and is currently trading around 0.84578.
The strong flash of UK PMI data and Policy divergence put pressure on the pair at higher levels.
Technicals-
The pair trades below 34- and 55 EMA in the 4-hour chart.
The near-term resistance is around 0.8480, a breach above targets 0.8520/0.8565. The immediate support is at 0.8450, any violation below will drag the pair to 08400/0.8345.
Indicator (4-hour chart)
CCI (14)- Bearish
CCI (50)- Bearish
Average directional movement Index - bearish
It is good to sell on rallies around 0.8465 with SL around 0.8480 for a TP of 0.8400.
