EUR/GBP – Watch out for break below daily low

Resistance – 0.7811, 0.7837, 0.7946

Support – 0.7749, 0.7696, 0.7664

Formation – Rejected at trend line

• Pair’s closing below rising trend line on Friday, followed by rejection at the same today has increased risk of break below daily low of 0.7749 followed by a possible drop towards 0.7696 (Feb 16 low).
  

• Daily RSI, at 36, still shows room for downside move.
  

• Loss of bearish momentum and consolidation cannot be ruled out with upside possibly capped around 0.7837-0.7850.