Short term trend: Bearish
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 0.7896
Kijun-Sen level: 0.7884
Ichimoku cloud top: 0.7889
Ichimoku cloud bottom: 0.7904
EUR/GBP has broken the trend line resistance around 0.7925 but cannot able hold the level. So trend reversal can happen only above resistance 0.7930.
On the upper side any break above would extend gain to 0.7950/0.7975 in short term.
The pair’s minor support is around 0.7870 and break below will take the pair to 0.7840/0.7800.
Long term trend reversal only above 0.7950.
Recommendation: Sell EUR/GBP around 0.7905-10, SL 0.7951, Target 0.7842/0.7800.
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 0.7896
Kijun-Sen level: 0.7884
Ichimoku cloud top: 0.7889
Ichimoku cloud bottom: 0.7904
EUR/GBP has broken the trend line resistance around 0.7925 but cannot able hold the level. So trend reversal can happen only above resistance 0.7930.
On the upper side any break above would extend gain to 0.7950/0.7975 in short term.
The pair’s minor support is around 0.7870 and break below will take the pair to 0.7840/0.7800.
Long term trend reversal only above 0.7950.
Recommendation: Sell EUR/GBP around 0.7905-10, SL 0.7951, Target 0.7842/0.7800.