Sell setupEUR/GBPOANDA:EURGBPalaisattakarnAnalysis of EUR/GBP Currency Pair Current Market Snapshot: · Instrument: EUR/GBP (Euro / British Pound) · Current Price: 0.86868 · Daily Change: -0.00252 (-0.29%) · Market Sentiment (from overlay): SELL --- Technical Analysis: 1. Price Action & Key Levels: · The price is currently trading at 0.86868, showing a slight bearish movement for the day. · The immediate resistance level appears to be around 0.87512, which the price has tested multiple times in the recent past (as indicated by the triple notation on the chart). · The immediate support level is at 0.86326, also a level that has been significant previously. · The current price is situated closer to the lower end of the recent trading range (approx. 0.86326 - 0.87512), indicating selling pressure. 2. Market Sentiment and Bias: · The "SELL" label prominently displayed on the chart strongly suggests a prevailing bearish bias in the short term. · This is further supported by the price being below the mid-point of the visible range and the negative daily performance. 3. Broader Context: · The chart shows a longer-term downward trend from higher levels near 0.89000 (July) to the current price near 0.86800. · The price has consolidated between the 0.87512 resistance and 0.86326 support, and the current move suggests a potential test of the lower support boundary. Summary and Outlook: The EUR/GBP pair is exhibiting short-term bearish characteristics. The price is trending down within a defined range and is approaching a key support level at 0.86326. The overall market sentiment, as indicated on the platform, is "SELL." · Bearish Scenario: A decisive break below the 0.86326 support could open the path for further declines towards 0.85500. · Bullish Reversal Scenario: For the bearish outlook to be invalidated, the price would need to break and hold above the 0.87512 resistance level. Traders should monitor the price action around the 0.86326 support level closely, as it will be critical in determining the next directional move.