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EUR/GBP – Watch out for break below daily low

FX:EURGBP   Euro Fx/British Pound
Resistance – 0.7811, 0.7837, 0.7946

Support – 0.7749, 0.7696, 0.7664

Formation – Rejected at trend line

  • Pair’s closing below rising trend line on Friday, followed by rejection at the same today has increased risk of break below daily low of 0.7749 followed by a possible drop towards 0.7696 (Feb 16 low).
  • Daily RSI , at 36, still shows room for downside move.
  • Loss of bearish momentum and consolidation cannot be ruled out with upside possibly capped around 0.7837-0.7850.
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