EURGBP: Sell following the 1D MA50 rejection.

EURGBP got rejected last week on the 1D MA50 turning the 1D timeframe bearish technically (RSI = 42.823, MACD = -0.002, ADX = 20.983). Given the fact that the 2023 pattern is a Bearish Megaphone, we expect a continuation of this downtrend to the LL trendline.

We are selling with an initial target on the 0.786 Fibonacci level (TP = 0.84450).


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