The EURGBP pair is currently falling below its 0.8455 major support and thus enters a medium term downtrend. In terms of technical indicators, the RSI falls below its neutrality area thus confirming the bad orientation of the pair, just as the MACD displays its first negative histogram. This situation coupled to the crossing of the moving averages at 7 and 20 sessions allows us to anticipate the continuation of the downward movement. Investors will therefore attempt a bearish trade with a stop loss placed above the moving average at 20 sessions.
Direction: Down
Entry: 0.8428
Stop-loss: 0.8520
