EURGBP touched a fresh six-month low of 0.8860 today after the strong sell-off below the 0.8940 barrier. The MACD oscillator is falling below its trigger and zero lines with strong momentum, while the RSI is moving sideways near the 30 level. The 20- and 40-period simple moving averages (SMAs) are heading south after they posted a bearish crossover.
Immediate support could come from the six-month trough of 0.8860 before falling further towards the inside swing high of May 4 at 0.8815.
On the other hand, a jump above 0.8940 could take prices until the 20- and 40- period SMAs at 0.8968 and 0.8987 respectively. More advances could hit the 0.9050 resistance and then the 0.9105 high, registered on October 23.
Overall, EURGBP has been developing in a declining tendency since October 20 and only a significant close above 0.9105 could switch the bias to neutral in the short-term.
