EURGBP (1H) - intraday bearish bias
The euro came under renewed selling pressure following its break below the daily support of 0.89. We expect the pair to drop within a well-defined channel. The upper band coincides with the 20-period moving average on the 4H chart, and could act as a strong resistance. The next target would be the psychological level of 0.8800, while the upside risk would be a breakout above the channel.
Key support: 0.8820/0.8800
Key resistance: 0.8880/0.8900
The euro came under renewed selling pressure following its break below the daily support of 0.89. We expect the pair to drop within a well-defined channel. The upper band coincides with the 20-period moving average on the 4H chart, and could act as a strong resistance. The next target would be the psychological level of 0.8800, while the upside risk would be a breakout above the channel.
Key support: 0.8820/0.8800
Key resistance: 0.8880/0.8900