Bears in the EUR/GBP take a break at a three-week-old support line.
Short-term falling trend line resistance test corrective retreat with bearish MACD.
June’s low attracts selling, while bulls are split ahead of a resumption of the monthly peak.
In early Tuesday, the EUR/GBP consolidates recent losses around 0.8545, up 0.05 percent intraday. Before the bears took a respite, the cross-currency pair sank to a rising support line from the previous day, June 23.
However, sellers remain optimistic due to MACD signals and the corrective pullback’s failure to cross a three-day-old declining resistance line.
Even if EUR/GBP buyers manage to break over the 0.8550 immediate barrier, the 0.8600 level and the monthly peak near 0.8620 remain the biggest roadblocks to the north.
The June low at 0.8530, on the other hand, adds to the downside filtering below the stated support line near 0.8535. A persistent trading below 0.8530, on the other hand, will not hesitate to attack the yearly bottom under 0.8470.
The 0.8500 round figure may serve as an interim halt throughout the descent.
Bearish trend/n
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