EUR/GBP Technical Analysis: headed back towards retesting 0.8700 handle
| • Extends this week's rejection slide from the very important 200-day SMA, with upbeat UK retail sales data triggering the initial leg of downside on Thursday.
• The selling pressure aggravates post-dovish ECB twist, dragging the cross below 100-day SMA, an ascending trend-line and 50-day SMA supports.
• The downfall could now get extended towards the 0.8700 horizontal support, which if broken would set the stage of additional near-term downfall.
Spot Rate: 0.8750
Daily High: 0.8821
Daily Low: 0.8741
Trend: Bearish
Resistance
R1: 0.8780 (previous weekly low set on Tuesday)
R2: 0.8789 (100-day SMA)
R3: 0.8816 (Wednesday's daily closing level)
Support
S1: 0.8727 (monthly low touched on June 1)
S2: 0.8700 (horizontal zone, round figure mark)
S3: 0.8681 (April 26 swing low)
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