EUR/GBP Faces Price Sell-Off

Forex Trades • Jul 18, 2019 at 8:29 AM EDT

EUR/GBP faces price selloff after rejecting higher prices on Wednesday. This development now leaves risk lower towards the 0.8950 zone.

EUR/GBP faces price selloff after rejecting higher prices on Wednesday. This development now leaves risk lower towards the 0.8950 zone. On the downside, support stands at the 0.8900 level where a violation will turn focus to the 0.8850 level. A break below here will aim at the 0.8800 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance lies at the 0.9050 level with a violation if seen turning risk towards the 0.9100 level. Further up, resistance comes in at 0.9150 level followed by the 0.9200 level. All in all, EUR/GBP remains biased to the downside on more weakness.

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