EURGBP hits five month low in extension of steep fall

The cross extended steep fall into fifth consecutive day and broke below round-figure support at 0.8700 (reinforced by 200WMA) to hit the lowest since mid-December 2022.

Bears also emerged below weekly cloud, adding to negative near-term outlook, with close below cracked 0.8700 pivot needed to confirm and open way for test of next target at 0.8649 (Fibo 76.4% of 0.8547/0.8978 rally).

Daily studies are in full bearish setup but oversold, which suggests that bears may take a breather for consolidation / limited correction in coming sessions.

Broken 200DMA (0.8732) and Apr 28/May 1 former double-bottom (0.8760) offer solid resistances which should cap upticks.

Res: 0.8712; 0.8732; 0.8760; 0.8783
Sup: 0.8649; 0.8600; 0.8572; 0.8547