EURGBP bearish in lower Bollinger Band

May 12, 2015

EURGBP fell below its 20-day moving average on Monday to a low of 0.7140. The downside bias remains strong after the pair failed to close above the upper Bollinger band and fell back after peaking at 0.7482 last Thursday. The RSI is back in bearish territory with a reading below 50, which also highlights the downside bias.

There is scope to test the March 11 low of 0.7013 especially if there is a break of immediate support at 0.7116 (April 23 low). To the upside, the market will likely be capped by the 20-day moving average but a break above it and above 0.7256 will weaken the downside bias.

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