Contributors Technical Analysis Technical Outlook: EURGBP – Falling Thick Hourly Cloud Is Expected To Limit...

Technical Outlook: EURGBP – Falling Thick Hourly Cloud Is Expected To Limit Recovery

The cross is consolidating on Tuesday after strong fall on Fri/Mon found footstep at 0.8889 (daily Kijun-sen).

Recovery attempts are weighed thick falling hourly cloud (spanned between 0.8937 and 0.8962) which is expected to limit upticks and keep near-term bearish bias in play for fresh attempt towards key support at 0.8855 (16/17 Oct trough).

Daily cloud is widening after twist and weighs along with double-top pattern, which requires confirmation on sustained break below 0.8855 pivot.

Alternative scenario sees lift above hourly cloud as bullish signal which would neutralize downside threats.

Res: 0.8937, 0.8962, 0.9003, 0.9022
Sup: 0.8900, 0.8886, 0.8855, 0.8813

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