EURGBP hits new multi-month low (the lowest since early Aug 2022) on Friday and is on track for the biggest weekly loss since the first week of January, after starting to trade this week with gap lower, weighed by growing political uncertainty in France.
Bears cracked psychological 0.8400 support and eye target at 0.8339 (2 Aug 2022 low), but oversold daily studies suggest that consolidation / limited correction may precede.
Upticks should be capped under falling 10DMA (0.8468) to keep larger bears intact.
Only stronger bounce which would fill this week’s gap, would put bears on hold and allow for stronger correction.
Res: 0.8423; 0.8450; 0.8468; 0.8492.
Sup: 0.8397; 0.8339; 0.8276; 0.8211.
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