EURGBP – at the back foot after rallies were repeatedly capped
The cross is in red on Friday and pressures initial support at 0.8828 (10SMA) after upside attempts were repeatedly capped by descending 20SMA (currently at 0.8870).
Pound was boosted by overall solid UK data today and cross may extend weakness through 10 SMA towards higher base at 0.8795 and 200SMA (0.8766) in extension, as sustained break below 10SMA will be bearish signal.
At the upside, a plethora of barriers (20/55SMA and 55/100SMA bear-cross; daily cloud base) weighs on near-term action and keeps bias in bearish mode.
Res: 0.8871; 0.8885; 0.8915; 0.8938
Sup: 0.8828; 0.8795; 0.8766; 0.8732