EURGBP Poised For Declines
The Euro traded with a bullish bias this week against the British Pound and moved above 0.9000. However, the EURGBP pair struggled to remain above the 0.9135-40 levels and started a downside move.
The pair fell and broke the 50% Fib retracement level of the last wave from the 0.9082 low to 0.9142 high. It also broke a contracting triangle support at 0.9110 to open the gates for more declines.
At the moment, the pair is trading near the 0.9100 support and the 100 hourly simple moving average. A close below the 100 SMA could trigger more losses, probably towards the 0.9070 level.