ING discusses EUR/GBP technical outlook and flags a short-term sell signal targeting a move towards 0.8750 to 0.8690.
"Today’s break below the horizontal support around 0.8845 definitively violated our bullish scenario, triggering a short-term Sell signal. This is pointing to further weakness with solid horizontal support coming in between 0.8750 and 0.8690.
We are reversing our rating to‘Down’ from ‘Up’. The upside potential is very limited with prices meeting plenty of resistance between the horizontal line around 0.8845, the EMA-200 line at 0.8859 and the former lower end of the rising trend channel around the 0.8885 level," ING argues.