EURGBP Bearish Technical Outlook

Key Takeaways

• UK PM Johnson's Spokesman: Seeing signs of a second wave of the pandemic in some other European countries.
  
  
• UK July CBI retailing reported sales +4 vs -25 expected
  
  
• Major indices off the session lows
  The major European stock indices are ending the session with mixed results. However most of the indices are well off there intraday lows. The provisional closes are showing
  

Technical Analysis
EURGBP is still trading within a rising channel but strong bearish momentum candles are starting to form on the 4hr timeframe. Current chart shows a break below the ascending mid-channel pivot where price action reversed by either support or resistance in many instances in the past.

PriceAction and RSI are also showing some strong divergence, signaling that the bullish momentum is stalling.


Regards,
Michael Harding

RISK DISCLAIMER
Information and opinions contained with this video are for educational purposes only and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors.