EUR/GBP is Down on Technicals: Here’s Resistance
Ganesh Mandhanya | Oct 01, 2018 01:52AM ET
EUR/GBP has given downside movement from lower level and sustaining below the same. Accumulation at lower level with negative biased is observed during last few daily session. It has been trading below the 100 SMA and 200 SMA as well. RSI has given downside break out from 40 mark but there will be sustaining from here.Down side it is facing support at 0.8860 in medium term chart and any closing below the same will trigger a bearish momentum in it for today’s trading session.
In hourly chart we can see that EUR/GBP is taking resistance level at 0.8920 and going downside from that level again and again . It means we can see further bearish trend in EUR/GBP. Also pair is taking resistance at moving averages and going down from that level. Bollinger® Bands is also showing down trend for it.
In Daily chart we can see that EUR/GBP is trading below the trend line of support. Also it is not sustaining upside and falling from upper level. In this we can see that major resistance is 0.8930 and till that we can see overall bearish trend for EUR/GBP. Last few days is also showing downside trend for it and giving closing in negative mode. RSI of daily chart is also moving towards downside.
So overall we can see that EUR/GBP is bearish for today and we can see a good down side movement in it .
Resistance Level :0.8920 & 0.8950
Support Level : 0.8865 & 0.8830
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