Detailed FX Market Outlook and Analysis

EUR/GBP Daily Analysis

EUR/GBP upwards momentum has faded away during this week. The current market price is at 0.8542 with immediate support levels at 0.8511 and 0.8488. The intraday resistance levels are at 0.8571 and 0.8600.

On the intraday charts, a couple of Doji candlesticks at the peak are indicating that bulls have perhaps lost control. On the technical indicator side, the SMA-14 is indicating support at 0.8489 and the SMA-50 support area is at 0.8517. The RSI is at 57 and has a downwards curve and the MACD histogram is now indicating a divergence from the bullish momentum. Following the intraday and 4-hourly price pattern, the pair is ideal for selling entries around 0.8565 with a target of 0.8515 and a stop-loss at 0.8600.

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