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
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