The EURGBP is under pressure today with the price falling below the 200 bar MA on the 4-hour chart. Yesterday, there was a bar that closed below that MA line. This was the first close below the line since March 10. It was also short lived as the price moved higher into the close.
Today's break is a little more convincing so far. In addition, the pair has moved below the 50% of the move up from the March 10 low AND is has also dipped below an area (between 0.7880 and 0.7884) where there have been a number of swing levels going back to March 16th (a "remembered area").
Stay below this cluster of levels and the bears remain in control. Risk is defined.
The 0.7829 is the 61.8% and the swing lows from March 29th. That is the next major target for the pair.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Source → Forex technical analysis: EURGBP falls below support area
