With EURGBP pair failing to hold gains above the 0.7363 levels, rejected from the 0.7363 levels with bearish divergence on a daily time frame. The risk for further downside has occurred.
Immediate support comes at the 0.7265 levels, a cut through the 0.7265 levels will confirm topping at the 0.7388 levels and sees a sell-off towards the 0.7179/0.7113 levels. At this point, I’d expect strong support from 0.7113 levels to contain any downside move and bring rebound…
On the upside, to prevent the risk of a fall to the key support 0.7113 in the upcoming days, the EURGBP will have held above the 0.7388 levels on a daily closing basis, If seen, It will extend gains towards the 0.7450/0.7550 levels, further upside will aim the 0.7670 levels.
Conclusion: As long as 0.7388 resistance holds on a daily closing basis, the EURGBP remains under pressure and further down towards the 0.7179/0.7113 levels couldn’t be ruled out in the upcoming days, a clear break above the 0.7388 levels will reverse risk towards the 0.7450/0.7550 levels.