Technical Analysis for EUR/GBP
EUR/GBP dropped again trading below the bullish key support after touching level extremely close to the proposed objective 0.8800. The drop carried the pair to below Linear Regression Indicators, while the Relative Strength Index demonstrated a downside bias. Therefore, we are expecting the downtrend to extend, depending on the pair's capability of breaking and residing below 0.8690.
The trading range expected today is between the key support at 0.8575 and the key resistance at 0.8800
The short-term trend is upside targeting 1.0370 if 0.7785 remains intact
Support: 0.8720, 0.8700, 0.8690, 0.8655, 0.8615
Resistance: 0.8740, 0.8760, 0.8800, 0.8840, 0.8890
Recommendation Based on the above graph and explanation, we recommend selling the pair below 0.8740 targeting 0.8700, 0.8655 and 0.8615 and stop-loss with four-hour closing above 0.8800.