EUR/GBP outlook: Larger bears hold grip and eye key 0.8200 support zone

Slobodan Drvenica Windsor Brokers

EUR/GBP

EURGBP stands at the back foot on Monday and retraces more of Thursday’s jump, signaling that near-term correction (off 0.8260 low) might be over.

Larger downtrend remains intact, with firmly bearish daily studies (MA’s in full bearish configuration, 14-d momentum moved into negative territory since late Nov) maintaining downside pressure.

Immediate targets lay at 0.8267/60 (Dec 5 / 2024 low posted on Nov 11 ) guarding more significant supports at 0.8211/02 (50% retracement of larger 0.6924/0.9489 uptrend / March 2022 low), break of which to signal continuation of broader downtrend.

Falling 10DMA (0.8301) which closely tracks the price in past over one week, should cap upticks and keep larger bears intact.

Res: 0.8301; 0.8316; 0.8336; 0.8355.
Sup: 0.8267; 0.8260; 0.8211; 0.8202.

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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