EUR/GBP Bears Strengthen Their Hold – Target a Move below 0.8500 Level
AUG 4, 2021
EUR/GBP has gone down to 0.8507 following weakness in the Euro. The pair 0.8500 is currently acting as a strong support area and a breach below this level would extend the downside. The SMA-14 is indicating resistance at 0.8550 while the SMA-50 resistance line is at 0.8569. The RSI is at 41 and has a downwards curve.
The current price is near the lower side of the ongoing trading range and bears need a clear breach below the 0.8500 level to extend the downside. Considering the intraday and 4-hourly price charts, the pair is ideal for sell entries on small rallies using the following levels
Take Profit: 0.8400 – 0.8475
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.