Technical Outlook EURGBP 12.09.2017

Technical Outlook EURGBP 12.09.2017

EURGBP – bears may extend towards daily cloud top after UK CPI data further boosted pound

Strong bearish acceleration extends into the third straight day and pressures psychological 0.9000 support (reinforced by 55SMA) after better than expected UK CPI numbers in August (2.9% vs 2.8% f/c and 2.6% in July) further boosted sterling.
Pullback from 0.9306 (29 Aug high) broke below 50% of 0.8742/0.9306 upleg (0.9025) and could extend towards key barriers at 0.8952 (top of rising daily cloud / Fibo 61.8% retracement) and 0.8926 (Fibo 38.2% of larger uptrend from 0.8312, 2017 low) on break below 0.9000 pivot.
Bear cross of daily Tenkan-sen / Kijun-sen supports bears, which may show signs of stall on approach to daily cloud as daily studies are oversold but without firmer reversal signal seen for now.

Res: 0.9025; 0.9071; 0.9090; 0.9125
Sup: 0.9000; 0.8952; 0.8926; 0.8875