EURGBP declined further with intraday bias bearish. It hit a low of 0.8380 at the time of writing and is currently trading around 0.83948.
UK retail sales-
The pair declined further after upbeat UK retail sales. UK retail sales rose by 1% m/m from 0.70% the previous month, compared to a forecast of 0.30%. Annual retail sales jumped 2.5% in August vs. the Forecast of 1.4% y/y. Prior 1.4%.
Technicals-
The pair is trading below 34- and above 55 EMA in the 4-hour chart.
The near-term resistance is around 0.8420, a breach above targets 08450/0.84650/0.84864 (38.2% fib of 0.8624 to 0.8399). Any close above 0.84865 confirms minor bullishness, a jump to 0.8540 is possible. The immediate support is at 0.8380, any violation below will drag the pair to 0.8360/0.8300.
Indicator (4- hour chart)
CCI (14)- Bearish
CCI (50)- Bearish
Average directional movement Index - Bearish
It is good to sell on rallies around 0.8420 with SL around 0.8450 for a TP of 0.8360.
