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EUR/GBP short setup : FxWirePro | January 24, 2018
EUR/GBP -0.20% consolidates break below 200-DMA 0.00% , trades in a narrow range.
The pair finds major support at 0.8765 ('Triangle Base').
Breach at 0.8765 could see extension of downside. Next major support lies at 61.8% Fib at 0.8682.
On the upside 200-DMA 0.00% is stiff resistance and we see any upside only on decisive close above.
Technical studies are bearish . We see -ve DMI dominance and ADX has edged above 20 levels.
Support levels - 0.8765 ('Triangle Base'), 0.8682 (61.8% Fib retrace of 0.8297 to 0.9306 rally), 0.8655 (May 30 low)
Resistance levels - 0.8790 (5-DMA), 0.8839 ( 200-DMA 0.00% ), 0.8871 (100-DMA)
Good to go short on decisive close below 0.8765, SL: 0.88, TP: 0.87/ 0.8680/ 0.8655.
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