EURGBP extends steep descend into sixth straight day
The cross remains in steep downtrend from 0.8967 (07 Mar spike high) which extends into sixth straight day.
Today’s bearish acceleration broke below strong supports at 0.8846 (converged 55/100SMA’s / Fibo 61.8% of 0.8771/0.8967 rally) and penetrated daily cloud (cloud top lies at 0.8834).
Daily cloud is twisting on Tuesday and attracted bears which now focus cloud base at 0.8810.
Negative outlook is supported by daily MA’s which turned to full bearish setup and south-heading 22-d Momentum, deeply in negative territory.
On the other side, strongly oversold slow stochastic warns of corrective action in coming sessions, but without firmer signal so far.
Close below 0.8846 pivot today is needed for fresh bearish signal, as downtrend could travel to 0.8771 (26 Feb low).
Broken 0.8846 support now acts as initial resistance, followed by converging 30/20SMA’s (0.8862), while death-cross of 10/200SMA is forming and adding pressure on the cross.
Res: 0.8846; 0.8862; 0.8891; 0.8919
Sup: 0.8810; 0.8771; 0.8732; 0.8716