EUR/GBP Technical Analysis: Sharply down, knocking on 0.8800

• The EUR/GBP tumbled into the 0.8800 handle over the last twenty-four hours, slipping from a near-term ceiling of 0.8930 as Euro traders freaked out over Italy budget finagling get caught sleeping by overshorted GBP bidders, further boosted by Brexit headlines in Thursday's early trading hours.

EUR/GBP, M5

• The pair slipped past the 200-hour moving average looking further out, and the challenge for Euro traders will be to find a way back over the critical indicator currently sitting high above at 0.8860, while Pound buyers will be looking to reload on EUR/GBP short positions from the newfound resistance level.

EUR/GBP, H1

• The past six weeks have seen the EUR/GBP staging a bullish recovery from medium-term lows at the 0.8720 region, and the current week's declines see the pair losing momentum around the 200-period moving average.

EUR/GBP, H4