EUR/GBP is currently consolidating between critical technical levels, with price action centered around 0.8360-0.8361. The pair recently bounced from support at 0.8346 but appears to be facing resistance at the 0.8367 level.
The multiple EMA crossover zone (0.8346-0.8359) is creating a decision point for this pair. Recent price history shows a clear downtrend from the March highs above 0.8400, suggesting bearish momentum remains in play.
Volume readings indicate moderate market interest at current levels.
Trade Scenario
Bearish Case:
Failure to break above 0.8367 resistance could trigger another downward move
Initial target: 0.8346 support
If broken: Watch for extension to 0.8320 horizontal support
Bullish Case:
Decisive break above 0.8367 with increased volume would signal potential trend reversal
Initial target: 0.8400 psychological level
Key Levels to Watch:
Resistance: 0.8367, 0.8400
Support: 0.8346, 0.8320
#EURGBP
The multiple EMA crossover zone (0.8346-0.8359) is creating a decision point for this pair. Recent price history shows a clear downtrend from the March highs above 0.8400, suggesting bearish momentum remains in play.
Volume readings indicate moderate market interest at current levels.
Trade Scenario
Bearish Case:
Failure to break above 0.8367 resistance could trigger another downward move
Initial target: 0.8346 support
If broken: Watch for extension to 0.8320 horizontal support
Bullish Case:
Decisive break above 0.8367 with increased volume would signal potential trend reversal
Initial target: 0.8400 psychological level
Key Levels to Watch:
Resistance: 0.8367, 0.8400
Support: 0.8346, 0.8320
#EURGBP
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