EUR/GBP Technical Analysis: Sellers aim for 0.8655 on the break of 0.8710

• EUR/GBP trades near 0.8690 heading towards European open on Wednesday.
• The pair slid beneath 0.8710 horizontal-support connecting late-January lows, which in turn opens the door for an extended decline to 0.8655 support.
• However, oversold levels of 14-bar relative strength index (RSI) may limit the pair’s downside around 0.8655, if not then 0.8615 and 61.8% Fibonacci expansion of its moves from January to mid-February, at 0.8535, can mark their presence on the chart.
• On the flipside, 0.8690 and immediate descending trend-line, at 0.8750, can restrict the pair’s near-term advances.
• In case prices rally beyond 0.8750, 0.8765 and 0.8790 may please the buyers ahead of luring them towards seven-week-old downward sloping resistance-line, at 0.8810.

EUR/GBP 4-Hour chart

Additional important levels: