XM Group - Analytics

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    Technical Analysis – EURGBP turns increasingly bearish below Ichimoku cloud

    EURGBP continues to decline and the bearish bias is strengthening after the fall below the daily Ichimoku cloud.

    Technical indicators are giving bearish signals – the tenkan-sen crossed below the kijun-sen line and the market is below the 200-day moving average. Also, the RSI is trending downwards and is in bearish territory below 50.

    EURGBP has retraced more than 61.8% of the upleg from 0.6935 to 0.7492 and there is scope to reach the 76.4% Fibonacci. These two levels correspond to 0.7147 and 0.7053 respectively. A deeper decline would see a retest of the 0.6935 low again. Meanwhile, to the upside, the bottom of the cloud will act as resistance at 0.7178.

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