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Having reached 0.8797 mark at the beginning of today's European session, which corresponds to 3-day highs, the EUR / GBP pair, nevertheless, is still under pressure due to fundamental factors, which preserves the risks of its resumption of decline.
At the moment, EUR / GBP is also under pressure, traded below the important short-term resistance levels 0.8802 (EMA200 on the 1-hour chart, EMA50 and the upper border of the descending channel on the 4-hour chart), 0.8820. The pair is declining in the descending channel on the daily chart.
Its lower border is near 0.8730 mark, and is likely to be the closest target in case EUR / GBP resumes its decline.
More distant targets are located at support levels 0.8350 (ЕМА144 on the monthly chart), 0.8220 (ЕМА200 on the monthly chart).
So far, and below the resistance levels 0.8800, 0.8820, 0.8950 (ЕМА200 on the daily chart), the downward trend prevails.
In an alternative scenario, a confirmed breakdown of the resistance level 0.8800 will become a signal for the resumption of long positions with targets at the local resistance levels 0.8820, 0.8870, 0.8900.
Support Levels: 0.8750, 0.8730, 0.8700
Resistance Levels: 0.8800, 0.8870, 0.8894, 0.8920, 0.8950
Trading Recommendations
Sell Stop 0.8770. Stop-Loss 0.8820. Take-Profit 0.8750, 0.8730, 0.8700, 0.8600
Buy Stop 0.8820. Stop-Loss 0.8770. Take-Profit 0.8870, 0.8894, 0.8920, 0.8950
