#EURGBP @ 0.87974 prints three-day downtrend, stays pressed near intraday low., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• EUR/GBP prints three-day downtrend, stays pressed near intraday low.
• Sustained trading below 100-HMA teases confirmation of head and shoulders bearish chart formation.
• One-week-old ascending trend line can act as buffer on the way to 0.8670.
• Buyers remain off the table below 0.8865 hurdle.

The pair currently trades last at 0.87974.

The previous day high was 0.8827 while the previous day low was 0.8777. The daily 38.2% Fib levels comes at 0.8796, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8808, expected to provide resistance.

EUR/GBP slides to 0.8795 during early Monday, printing a three-day downtrend amid a sluggish start to the week. In doing so, the cross-currency pair stays below the 100-Hour Moving Average (HMA) while justifying downbeat MACD and RSI.

It’s worth noting that the EUR/GBP pair portrays head and shoulders bearish chart formation on the hourly play amid the aforementioned signals, namely downbeat oscillators and sustained trading below the 100-HMA, favor sellers.

That said, the quote’s further downside hinges on a clear break of the stated bearish chart formation’s neckline, close to 0.8775 by the press time.

Following that, an ascending support line from March 15, close to 0.8745, may act as an intermediate halt during the theoretical fall targeting 0.8670. Also acting as the downside filter is the monthly low of around 0.8715.

Alternatively, recovery moves need successful trading beyond the 100-HMA level of 0.8810 to recall the EUR/GBP bulls.

Even so, the recent tops surrounding 0.8865 and the 0.8900 round figure could challenge the pair buyers afterward.

If at all the EUR/GBP stays firmer past 0.8900, the monthly high near 0.8925 may act as the last defense of the bears.

Trend: Further downside expected

Technical Levels: Supports and Resistances

EURGBP currently trading at 0.8796 at the time of writing. Pair opened at 0.8798 and is trading with a change of -0.02% % .

The pair is trading below its 20 Daily moving average @ 0.8827, below its 50 Daily moving average @ 0.8833 , above its 100 Daily moving average @ 0.8779 and above its 200 Daily moving average @ 0.8689

The previous day high was 0.8827 while the previous day low was 0.8777. The daily 38.2% Fib levels comes at 0.8796, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8808, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.8774, 0.8751, 0.8725
• Pivot resistance is noted at 0.8824, 0.885, 0.8874

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