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EUR/GBP Bears Strengthen Their Hold – Target a Move below 0.8500 Level

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EUR/GBP Bears Strengthen Their Hold – Target a Move below 0.8500 Level

ByLCMS Traders FX Analysis Team

 AUG 4, 2021

EUR/GBP Forecast

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

Direction: Sell

Entry: 0.8525

Take Profit: 0.8400 – 0.8475

Stop-Loss: 0.8562

EUR/GBP Bears Strengthen Their Hold – Target a Move below 0.8500 Level

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