DAILY CHART TIMEFRAME:
Price is below EMA 50, 100, 200. ” The Golden Cut” is on the way. Confirming the Bearish Trend.
Support: 0.87280 Resistance: 0.87880 and 0.88510.
Bearish pressure will remain as long as the price stays below 0.88500.
H4 CHART TIMEFRAME:
Ascending trend line has been broken at 0.88200 and triggered the Bearish Move. Price is below EMA 50, EMA 100 and EMA 200.
Price tested 0.87600 resistance but failed to break above. EURGBP retested 0.87000 and ended the week at 0.87380.
0.87600 remains as the critical resistance. An hourly closing above 0.87600 may lead the price 0.87900 and 0.88200.
Pullback levels to use as selling opportunities are 0.87900 and 0.88400.
Conclusion: We are short on EURGBP