EUR/GBP Technical Analysis: struggle to conquer 200-DMA barrier continues
| • The cross continued with its struggle to make it through the very important 200-day SMA, with upbeat UK monthly retail sales data prompting some fresh selling.
• A follow-through weakness below a confluence support would negate prospects for any near-term up-move and pave the way for further downside.
• Neutral technical indicators have failed to confirm any firm directional bias and hence, it would be prudent to wait for a decisive break before positioning for near-term trajectory.
Spot Rate: 0.8800
Daily High: 0.8821
Daily Low: 0.8795
Trend: Indecisive
Resistance
R1: 0.8842 (May 4 swing high)
R2: 0.8884 (R3 daily pivot point)
R3: 0.8900 (round figure mark)
Support
S1: 0.8789 (100-day SMA)
S2: 0.8760 (S2 daily pivot-point)
S3: 0.8724 (monthly low set on June 5)
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