Technical Analysis for EUR/GBP
Failure to reside above 0.8600 with four-hour closing maintains possibilities of a downside correction occurrence. However to support forecasts of correction, the pair must consolidate below 0.8375. Momentum indicators reflect the pair's need for confirming a correction, and stability below Linear Regression Indicators helps confirm that.
The trading range expected for today is between the key support at 0.8440 and the key resistance at 0.8680.
The short-term trend is upside targeting 1.0370 provided that 0.7785.
Support: 0.8575, 0.8550, 0.8535, 0.8500, 0.8480
Resistance: 0.8600, 0.8615, 0.8640, 0.8680, 0.8700
Recommendation Based on the graph and explanation above, we believe selling the pair below 0.8580 targeting 0.8550, 0.8500 and 0.8480 and stop-loss with four-hour closing above 0.8600 might be optimal