Technical Analysis for EUR/GBP

Technical Analysis for EUR/GBP

EUR/GBP's negative trades continue as a result of its position below Linear Regression Indicators as well as below the Exponential Moving Average 50. Having failed to stabilize above the ascending channel's key support, chances for the pair to touch 0.8575 are likely. Note that breaking the aforesaid level could extend the downtrend. The pair's stability below 0.8740 is vital to sustaining negative forecasts however, on intraday basis, we prefer to see a stable position below 0.8655 to better bolster our expectations.

The trading range expected today is between the key support at 0.8535 and the key resistance at 0.8700

The short-term trend is upside targeting 1.0370 if 0.7785 remains intact

Support: 0.8615, 0.8600, 0.8575, 0.8550, 0.8535
Resistance: 0.8655, 0.8685, 0.8700, 0.8720, 0.8740

Recommendation Based on the above graph and explanation, we recommend selling the pair below 0.8675 targeting 0.8655, 0.8615 and 0.8575 and stop-loss with four-hour closing above 0.8740.