EURGBP has been in a declining movement over the last sessions, remaining well below the Ichimoku cloud and the short-term simple moving averages (SMAs). Furthermore, the RSI is heading south in the bearish territory, while the stochastic is moving lower in the oversold zone.
If prices continue to head lower, support should come from the 0.8943 support, taken from the latest lows, before touching the 0.8865 barrier, registered on June 5.
However, should an upside reversal take form, immediate resistance will likely come from the 0.8982. A break above this level could shift the attention to the lower surface of the Ichimoku cloud at 0.8992, with the next resistance coming from the 20-period SMA at 0.9000. More gains could lead the market until the 40-period SMA at 0.9010 before hitting the 0.9043 resistance.
In conclusion, EURGBP is lacking direction in the longer timeframe, but in the short-term the pair retains the bearish mode.
