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Technical Analysis – EURGBP bearish at new 7-year low

XM Markets UUIIFXBR
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EURGBPDailyfeb25EURGBP hit a new 7-year low of 0.7315. The outlook remains bearish for the pair as it remains below minor resistance at 0.7458. A break above this level would however weaken the bearish bias.

Meanwhile, a break below the low of 0.7315 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). Looking at the daily chart, the falling Ichimoku cloud and the negatively aligned tenkan-sen and kijun-sen lines highlight the bearish market bias. Momentum remains bearish as the RSI is below 50.

 

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