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EURGBP at new 7-year lows

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EUR/GBP touched a new 7-year low today, hitting 0.7403 after opening on Monday with a gap down at 0.7428 compared to Friday’s close at 0.7472. The pair has since filled the gap to trade around 0.7480 in early European session trading.

On the daily chart the underlying bias remains bearish. The market is below the Ichimoku cloud and the tankan-sen and kijun-sen lines are falling. RSI is below 50 although at oversold levels. This suggests the possibility of a near term correction. To the upside the key 0.7500 will act as resistance and support is seen at 0.7300.

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