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Technical Analysis – EURGBP hovers near 7-year low, strong bearish bias

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EURGBPDailyFeb18EURGBP is hovering near a 7-year low of 0.7371. The outlook remains bearish for the pair as it remains below minor resistance at 0.7458. A break above this level would weaken the bearish bias.

Meanwhile, a break below the low of 0.7371 would strengthen the downtrend and target the next support level at 0.7260 (the 61.8% Fibonacci retracement level of the upleg from 0.5680 – 0.9801). The falling Ichimoku cloud and the negatively aligned tenkan-sen and kijun-sen lines highlight the bearish market bias.

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