EURGBP (1H) - short term bearish bias
The euro's week-long rally came to a halt at the 4H resistance level of 0.8545. The rising moving averages and the trend line have been providing support during previous pullbacks. Now that the pair has broken to the downside, this is a confirmation that the 4H supply level is likely to keep the euro under water. After a few hours of consolidation, we would expect the faster MA to cross under the slower one as a sign that sentiment has turned bearish.
Key support: 0.8480
Key resistance: 0.8545
The euro's week-long rally came to a halt at the 4H resistance level of 0.8545. The rising moving averages and the trend line have been providing support during previous pullbacks. Now that the pair has broken to the downside, this is a confirmation that the 4H supply level is likely to keep the euro under water. After a few hours of consolidation, we would expect the faster MA to cross under the slower one as a sign that sentiment has turned bearish.
Key support: 0.8480
Key resistance: 0.8545