EURGBP (1H) - short term bearish bias
After four days of consolidation, the euro could not rally above the previous high of 0.8580. Instead, the break below the support level of 0.8520 along with a bearish MA cross were signs that the British pound was gaining the upper hand and would drive the single currency further down. Following a short recovery from the RSI's over-sold area, this morning's bearish momentum pushed through the psychological tag of 0.8500 and we expect the pair to remain under pressure.
Key support: 0.8490
Key resistance: 0.8530
After four days of consolidation, the euro could not rally above the previous high of 0.8580. Instead, the break below the support level of 0.8520 along with a bearish MA cross were signs that the British pound was gaining the upper hand and would drive the single currency further down. Following a short recovery from the RSI's over-sold area, this morning's bearish momentum pushed through the psychological tag of 0.8500 and we expect the pair to remain under pressure.
Key support: 0.8490
Key resistance: 0.8530