EUR/GBP continues losing ground for the third straight session on Thursday. The intraday bias seems tilted in favour of bears, albeit warrants some caution. The EUR/GBP cross edged lower for the third consecutive session on Thursday and extended this week’s rejection slide from the very important 200-day SMA. Sustained weakness below 100-hour SMA was seen as a key trigger for intraday bearish traders and fueled the ongoing corrective slide from 4-1/2 month tops. A subsequent fall below the 23.6% Fibonacci level of the 0.8282-0.8746 recent rally now seems to have paved the way for a further near-term depreciating move. Hence, some follow-through selling has the potential to continue dragging the cross further towards a strong horizontal support near the 0.8600 round-figure mark. The downward momentum could further get extended towards the 38.2% Fibo., around the 0.8565 region, which coincides with a previous strong resistance break-point. Meanwhile, technical indicators on the 1-hourly chart are already flashing slightly overbought conditions and warrant some caution before placing fresh bearish bets. Moreover, oscillators on the daily chart – though have eased from highs – maintained their bullish bias and support prospects for the emergence of some dip-buying. EUR/GBP 1-hourly chart Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next S. Korea, Germany report new coronavirus cases, Switzerland confirms its first death FX Street 2 years EUR/GBP continues losing ground for the third straight session on Thursday. The intraday bias seems tilted in favour of bears, albeit warrants some caution. The EUR/GBP cross edged lower for the third consecutive session on Thursday and extended this week's rejection slide from the very important 200-day SMA. Sustained weakness below 100-hour SMA was seen as a key trigger for intraday bearish traders and fueled the ongoing corrective slide from 4-1/2 month tops. A subsequent fall below the 23.6% Fibonacci level of the 0.8282-0.8746 recent rally now seems to have paved the way for a further near-term depreciating move. Hence,… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
