EUR/GBP on track to test 200-DMA at 0.8762, stay short
EUR/GBP extends slide for 3rd consecutive session, down 0.17% on the day.
The pair is on track to test 200-DMA at 0.8762, violation there could see further downside
Technical studies on weekly charts are also bearish. Stochs and RSI are biased lower and MACD supports trend lower.
Immediate resistance seen at 0.8884 (20-DMA), break above to see minor upside till 50-DMA at 0.8924.
Support levels - 0.8762 (200-DMA), 0.8733 (Nov 1 low), 0.8682 (61.8% Fib retrace of 0.8297 to 0.93065 rally)
Resistance levels - 0.8836 (5-DMA), 0.8885 (20-DMA), 0.89, 0.8924 (50-DMA)
Good to go short on rallies around 0.88/ 0.8815, SL: 0.8885, TP: 0.8765/ 0.8735/ 0.87/ 0.8685.
The pair is on track to test 200-DMA at 0.8762, violation there could see further downside
Technical studies on weekly charts are also bearish. Stochs and RSI are biased lower and MACD supports trend lower.
Immediate resistance seen at 0.8884 (20-DMA), break above to see minor upside till 50-DMA at 0.8924.
Support levels - 0.8762 (200-DMA), 0.8733 (Nov 1 low), 0.8682 (61.8% Fib retrace of 0.8297 to 0.93065 rally)
Resistance levels - 0.8836 (5-DMA), 0.8885 (20-DMA), 0.89, 0.8924 (50-DMA)
Good to go short on rallies around 0.88/ 0.8815, SL: 0.8885, TP: 0.8765/ 0.8735/ 0.87/ 0.8685.