EURGBP trades weakly after hawkish rate cut by BOE. Intraday bias remains bearish as long as support 0.8750 holds. It hits an intraday low of 0.86531 and is currently trading around 0.866698.
Technical Analysis
The pair is currently trading below the 55 and 200-EMA and 365-EMA on the 1-hour chart.
Bearish Trend Confirmation: Any break below 0.8650 confirms an intraday bearish trend. A drop to 0.8630/0.8600/0.8560/0.8520/0.8480 is likely. Near-term support is around 0.8630.
Near-Term Resistance: The near-term resistance is around 0.8750. Any violation above will take the pair to 0.8800/0.8850.
Indicator Analysis (60-min chart)
CCI (50): Bearish
Average Directional Movement Index: Neutral
Trading Recommendation
It is good to sell on rallies around 0.8700 with SL around 0.8750 for a TP of 0.8600.
