Euro Sterling Pound: bearish signal, oscillators confirm the downward trend

New bearish technical picture drawn on Euro Sterling Pound daily chart. Marked a series of 4 consecutive higher lows. Oscillators confirm the downward trend.

Euro Sterling Pound close slightly lower. Trading session of the 20/04/2016 ends at 0.7884 (-0.15%), fourth consecutive negative trading session. Marked a series of 4 consecutive higher lows. New bearish technical picture drawn on daily chart (high2 > high1, high1 > high, low2 > low1, low1 > low, close2 > close1, close1 > close), we suggest to watch today closing. Technical overview is negative. Many leading oscillators confirm the downward trend, we suggest to monitore today closing.

Euro Sterling Pound new bearish

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Simple Moving Average (SMA)
The price is below the 14 days moving average (SMA value is 0.7986). The short term view is therefore bearish, however for today trading session we can’t exclude retracements towards the most significant resistance levels.

Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 20/04/2016.

Performance: 7 trading days= -1.19% – 15 trading days= -0.47% – 30 trading days= +0.77%

Resistance levels: R1= 0.7912 – R2= 0.7941 – R3= 0.7994
Pivot Point: 0.7888
Support levels: S1= 0.7859 – S2= 0.7835 – S3= 0.7782

Buying opportunity above 0.7901 targets minor resistance at 0.7938 and perhaps as far as strong resistance at 0.7964, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 0.8009.

Selling opportunity below 0.7868 targets minor support at 0.7834 and perhaps as far as strong support at 0.7808, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 0.7767.