EURGBP extends weakness after double upside rejection
|EURGBP
The cross holds in red on Monday and extended weakness from Friday, when it fell 0.8% after repeated rejection under daily cloud.
Daily cloud is thickening after twisting today and producing increased pressure, together with double-top which has formed on daily chart (12 / 20 Oct highs).
Close below 0.8919 (Fibo 61.8% of 0.8855/0.9022) would generate bearish signal for extension through daily Kijun-sen (0.8889) towards key near-term support at 0.8855 (16 Oct low / Fibo 61.8% of larger 0.8745/0.9032 upleg).
Break here is needed to confirm completion of double-top pattern and spark fresh bearish acceleration towards targets at 0.8813/00 (Fibo 76.4% / round-figure support).
Broken Tenkan-sen (0.8944) is expected to limit recovery attempts and keeps near-term bears intact.
Res: 0.8929; 0.8944; 0.9005; 0.9014
Sup: 0.8889; 0.8855; 0.8813; 0.8800
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