FxWirePro

We prefer to go short in EUR/GBP

Short
FX:EURGBP   Euro / British Pound
0
Positioning Bias:

EUR/GBP made a low of 0.7758 and has slight recovered till 0.7874 from that level. Overall trend is bearish as long as resistance 0.7930 holds.

On the upside EUR/GBP minor resistance is around 0.7875 and any break of 0.7875 would extend gain to 0.7930/0.7970 in short term.

The pair’s minor support is around 0.7740 and break below will target 0.7632/0.7560 (161.8% projection of 0.80647 to 0.77653 from 0.80453).

Indicators (4 Hour chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell

Recommendation: Sell EUR/GBP around 0.7813, SL 0.7930, target 0.7560.