EURGBP – bears eye key technical supports
The cross remains in red for the third straight day and extends weakness below 0.8800 handle on Tuesday.
Pullback from 0.8938/34 peaks, where strong 1.75% rally last Thursday was capped by daily cloud base, so far retraced over 61.8% of 0.8732/0.8938 upleg, turning near-term focus lower.
Daily studies returned to full bearish setup on fresh weakness after recovery rally stalled, eyeing key supports at 0.8762 (200SMA) and 0.8732 (01 Nov low).
Break below 0.8732 would spark fresh extension of descend from 0.9306 (29 Aug peak) towards next strong support at 0.8692 (Fibo 61.8% of 0.8312/0.9306, Apr-Aug rally).
Broken daily Tenkan-sen (0.8844) marks solid resistance which is expected to limit upticks.
Res: 0.8821; 0.8844; 0.8882; 0.8921
Sup: 0.8791; 0.8762; 0.8745; 0.8732