EURGBP pared most of its gains on board-based Pound sterling buying. As long as resistance 0.8800 holds, intraday bias is negative. Currently trading at 0.87353, it reached an intraday high of 0.87200.
Technical Analysis
The pair is currently trading below 55 and 200- EMA and 365-EMA on the 4-hour chart.
Bearish Trend Confirmation: Any break below 0.8720 confirms an intraday bearish trend. A drop to 0.8700/0.8660/0.8630/0.8600 is likely.
Near-Term Resistance: The near -term resistance is around 0.8750. Any violation above will take the pair to 0.8780/0.8825/0.8865/0.8900/0.8950.
Indicator Analysis (4-hour chart)
CCI (50): Bearish
Average Directional Movement Index: Bearish
Trading Recommendation
It is good to sell on rallies around 0.8748-50 with SL around 0.8800 for a TP of 0.8660.
