The EURGBP rose cautiously in its last trading, to hit the resistance of its EMA50, in attempt to offload some of its clear oversold conditions on the relative strength indicators, with the emergence of positive overlapping signals, affected by breaking bullish trend line on the short-term basis, intensifying the negative pressure on the pair, reinforcing the chances of the price decline on the near-term basis.

 

Therefore, our expectation suggests a decline in EURGBP’s last intraday trading, if the resistance settles at 0.8825, to target the key support at 0.8795.

 

The expected trading range for today is between 0.8795 and 0.8830

 

Trend forecast: Bearish