Line is now resistance at 0.9098
The EURGBP has cracked below a lower trend line and in the process, is turning the technical tide even more to the downside. The trend line comes in at 0.9098. A move above would be needed to turn the bias back around today. Targets on the downside come in at swing lows from August 17 at 0.90624. Below that swing lows from August 10 and 15 come in at 0.9050.
Taking a look at the daily chart the next support target comes in at 0.9036. That is trend line support off of May 2017 and July 2017 lows. The 50% of the move up from the July low comes in at 0.9024. Those are all targets for the EURGBP.
Bears have been taking more control of late. The market has used the 200 hour MA as a topside ceiling (green int the chart above). The price moved below the 100 hour MA on Friday (blue line in chart above) and momentum intensified.
Now with the move below the lower trend line on the hourly, another bearish step has been made. Stay below, gives the sellers more ammunition to keep the pressure on the pair to the next target(s).
