“¢ The cross has been trending lower alongside a downward sloping channel and remained under some selling pressure for the fifth consecutive session on Friday.
“¢ The fact that it remains well below important intraday moving averages – 50, 100 & 200-hour SMAs support prospects an extension of the ongoing downward trajectory.
“¢ Technical indicators on the 1-hourly chart have been gradually gaining negative momentum and add credence to the near-term negative outlook amid concerns over Italy’s budget proposal.
“¢ Today’s macroeconomic releases – the flash EZ CPI, the final GDP growth figures and current account deficit figures from the UK, will now be looked upon for some fresh impetus.
EUR/GBP 1-hourly chart
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Spot Rate: 0.8895
Daily High: 0.8907
Trend: Bearish
Resistance
R1: 0.8915 (horizontal zone)
R2: 0.8933 (R1 daily pivot-point)
R3: 0.8944 (50-day SMA)
Support
S1: 0.8873 (recent daily closing low)
S2: 0.8855 (S2 daily pivot-point)
S3: 0.8841 (200-day SMA)
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