EUR/GBP outlook – Losses below daily low

FX:EURGBP   Euro / British Pound
Resistance – 0.7754, 0.7776, 0.7849

Support – 0.7683, 0.7649, 0.7600

Bearish patterns on daily chart – Head and Shoulder breakout, falling channel

  • Failure to take out hourly 50-MA of 0.7697 followed by a drop below 0.7683 (38.2% of 0.6981-0.8117) and a subsequent break below daily low of 0.7663 would reinforce bears and open doors for 0.7640-0.76 levels.
  • On the higher side, a clear break above head and shoulder neckline is needed to indicate bearish invalidation; meanwhile, bullish view would gain credence in case prices break above falling trend line level of 0.7850.
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