Forex technical analysis: EURGBP moves below trend line/MA support on hourly chart

Technical Analysis

Author: Greg Michalowski | eurgbp

Key support target for the pair broken

The EURUGBP is breaking below the 200 hour MA and trend line support at 0.8869.  The trend line had a number of tests of the line (see red circled numbers).  The MA was tested twice on Friday  and each time held.  Trading below is more bearish for the pair. Sellers are making a technically bearish play.   Next targets are the lows from last week at 0.8552-58 and 0.8838 from Dec 22.   

The fall did take the price into the 4 PM London fix.  Risk for shorts now comes in at the 100 hour MA at 0.88784 (blue line in the chart above). A move back above would not be welcomed by the shorts.
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