EUR/GBP may fall 20 - 30 pips

Our pivot point is at 0.8367.

Our preference

The downside prevails as long as 0.8367 is resistance.

Alternative scenario

The upside breakout of 0.8367, would call for 0.8383 and 0.8393.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 0.8358 and 0.8360). Finally, the EUR/GBP has penetrated its lower Bollinger band (0.8354).

Supports and resistances

0.8393 **

0.8383 *

0.8367 **

0.8360

0.8353 last

0.8333

0.8323 **

0.8313 *

0.8303 **

Number of asterisks represents the strength of support and resistance levels.