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   “¢   The cross failed to capitalize on the early uptick to two-week tops and witnessed a sharp intraday reversal of around 85-pips, with bulls now failing to defend 0.8600 handle.

   “¢   Slightly overbought conditions on the 1-hourly chart triggered the initial leg of the slide, which accelerated further on a sustained break below 23.6% Fibo. of the 0.8536-0.8676 recent upsurge.

   “¢   Technical indicators on the daily chart maintained their bearish bias and have also started losing positive momentum on the 4-hourly chart, suggesting the resumption of the bearish trend.

   “¢   The cross has now dropped to confluence support – comprising of 200-hour SMA and 61.8% Fibo. level, which if broken will mark a bearish breakdown and open room for further downside.

EUR/GBP 1-hourly chart

EUR/GBP

Overview:
       Today Last Price:  0.859
       Today Daily change:  -42  pips
       Today Daily change %:  -0.49%
       Today Daily Open:  0.8632
Trends:
       Daily SMA20:  0.8668
       Daily SMA50:  0.8773
       Daily SMA100:  0.8832
       Daily SMA200:  0.8855
Levels:
       Previous Daily High:  0.8656
       Previous Daily Low:  0.8547
       Previous Weekly High:  0.8656
       Previous Weekly Low:  0.8536
       Previous Monthly High:  0.8842
       Previous Monthly Low:  0.8529
       Daily Fibonacci 38.2%:  0.8614
       Daily Fibonacci 61.8%:  0.8589
       Daily Pivot Point S1:  0.8567
       Daily Pivot Point S2:  0.8503
       Daily Pivot Point S3:  0.8458
       Daily Pivot Point R1:  0.8676
       Daily Pivot Point R2:  0.872
       Daily Pivot Point R3:  0.8785