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EURGBP has got back bearish power again. It was following a rising upward channel. After breakout it fell rapidly. More fall are expected in the coming trading days. It also broke trend line. So we can see more down rally on this pair. We need to wait for retest of the trend line for taking sell entry. 0.7440-0.7450 area is good for sell. We can sell from that level.
In Technical Indicators view
In daily chart, MACD indicator which confirms its downtrend.
In daily chart, RSI indicator value is 33 which also confirms downtrend for this pair.
All types of Moving averages are giving sell signal on eurgbp.
In summary, all type of technical indicators are giving sell signal on eurgbp. So our recommendation is to stay on downside on eurgbp.
Weekly Pivot, Support and Resistance
Resistance Two (R2): 0.7652
Resistance One (R1): 0.7535
Pivot Point: 0.7475
Support One (S1): 0.7358
Support Two (S2): 0.7298
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