HomeContributorsTechnical AnalysisTechnical Outlook: EURGBP Extends Weakness On Reversal Signal

Technical Outlook: EURGBP Extends Weakness On Reversal Signal

The pair remains in red on Friday and extends pullback from Wednesday high at 0.8845.

Completion of Doji reversal pattern signals further downside.

Fresh bears are pressuring strong support at 0.8765 (Fibo 61.8% of 0.8719/0.8845 upleg / bull-trendline off 0.8383 low), with break and close below here to generate another strong bearish signal for possible retest of key near-term support at 0.8719 (16 June trough).

Broken 10SMA (0.8788) now acts as strong resistance which is expected to cap and maintain bearish pressure.

Res: 0.8788, 0.8828, 0.8845, 0.8865
Sup: 0.8765, 0.8738, 0.8719, 0.8681

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
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