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EUR/GBP Technical Analysis: Strong bear breakout exceeds the average daily range


  • The bulls failed to break the 0.8800 handle and the bears brought the EUR/GBP currency cross down almost 70 pips. The average daily range on 14 days is 48 pips.

  • The main trend is neutral and the risk is slightly tilted to the downside as the bear broke below 0.8738 swing low (May 24) with a strong impulsive move.

  • However, overnight the market might retrace towards the 0.8750 psychological level as some bears take profits in Asia.

Todays rates at Euro Fx

Euro = 0.8575

Gbp = 1.1225

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