- EUR/GBP on a continued pullback from 0.9070.
- A convergence of bearish MACD and direct support line challenges the bulls.
- 200-HMA support beckons the bears
EUR/GBP was trading at 0.9054 on Tuesday pre-European session, after hitting a monthly high on Monday. But, the pair’s failure to cross the ascending trend-line from August 7 and the conversion of a three-day old-rising-supporting-line as resistance are testing the bulls.
The seventh round of Brexit talks will start today between the European Union (EU) and the UK policymakers. This meeting is planned as the last round of negotiations and has put pressure on negotiators to find amicable solutions on different stumbling blocks to a deal. But, the markets are viewing it as another potential attempt but probably not the final deal-making meeting.
0.9030 will be the immediate support ahead of 0.9025, the 200-HMA and one-week-long support line around 0.9015. Any further fall is not expected to extend beyond 0.9000 and the monthly low around 0.8970.
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