EURGBP consolidating in a narrow range between 0.8400 and 0.84354 for the past three days. It hit a high of 0.84354 and is currently trading around 0.84313.
UK construction PMI declined to 53.6 in Aug from previous month 55.30, compared to a forecast of 54.90.
Technicals-
Intraday trend is neutral.
The pair is trading below 34- and 55 EMA in the 4-hour chart.
The near-term resistance is around 0.84402 (55- 4H EMA), a breach above targets 0.84610/0.8480. Any close above 0.8480 confirms that the bearish trend stopped around 0.8400. The immediate support is at 0.8400, any violation below will drag the pair to 0.83830 (Jul 17th, 2024). Any close below 0.83830 confirms the resumption of a major downtrend, a dip to 0.8330/$0.82550 is possible.
Indicator (4-hour chart)
CCI (14)- Bullish
CCI (50)- Bearish
Average directional movement Index - Neutral
It is good to stay away.
