EURGBP – Shooting star pattern suggests further easing
The cross is lower on Thursday and sees risk of further easing after Wednesday’s strong upside rejection on attempts to sustain break above 0.9013.
Shooting star patter was formed on daily chart, warning of deeper fall as today’s bearish extension returned below daily cloud and probed above 0.8928 pivot (Fibo 38.2% of 0.8791/0.9013 upleg).
South turning daily indicators support the notion for bearish extension towards next strong support at 0.8876 (Fibo 61.8% / converged 10/20SMA’s).
Upside attempts are expected to stay capped by 100SMA (0.8947) and keep alive bearish n/t scenario.
Res: 0.8947; 0.8974; 0.9013; 0.9026
Sup: 0.8910; 0.8892; 0.8876; 0.8843