Sterling on verge of breakdown: EUR/GBP, GBP/USD, GBP/CHF
Sterling is on the verge of breaking down as risk-off sentiment intensifies into European session. EUR/GBP’s break of 0.8377 resistance now suggests that a short term bottom is formed at 0.8304 on bullish convergence condition in 4 hour MACD, just ahead of a key long term support level 0.8276 (2019 low). It’s way too early say that EUR/GBP is staging a bullish trend reversal. But at least, there is room for more rise back to 55 day EMA (now at 0.8423).
GBP/USD’s fall from 1.3748 accelerates down today. Break of 1.3489 support, and sustained trading below 55 day EMA (now at 1.3504) will indicate that rebound from 1.358 has completed at 1.3748. That would also argue that whole decline from 1.4248 is not complete. Or at least, GBP/USD could extend lower to have a retest on 1.3158 low.
GBP/CHF is also accelerating downwards. Fall from 1.2606 is seen as a falling leg in the whole pattern from 1.3070. Deeper decline is expected as long as 1.2427 support turned resistance holds. GBP/CHF should be heading to 1.2134 support and beyond.
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