XM Group - Analytics

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    Technical Analysis – EURGBP tests key 0.7000 level, scope for further downside

    EURGBP price action since mid-October has been to the downside and the pair has almost retraced all of the rise from 0.6935 to 0.7492 (July to October rise).

    Prices are testing the key psychological level of 0.7000 and this is now a key support area since last week.

    Technical indicators are giving bearish signals and there is scope for a further downside move towards 0.6935. The tenkan-sen and kijun-sen lines are negatively aligned and falling, while the market is below the Ichimoku cloud. Also, prices are below the 200-day moving average which is downward sloping. RSI is also in bearish territory.

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