EUR/GBP Technical Analysis: Sharp intraday turnaround drags the cross back below 0.8600 handle

   •  The cross failed to capitalize on the early uptick to two-week tops and witnessed a sharp intraday reversal of around 85-pips, with bulls now failing to defend 0.8600 handle.

   •  Slightly overbought conditions on the 1-hourly chart triggered the initial leg of the slide, which accelerated further on a sustained break below 23.6% Fibo. of the 0.8536-0.8676 recent upsurge.

   •  Technical indicators on the daily chart maintained their bearish bias and have also started losing positive momentum on the 4-hourly chart, suggesting the resumption of the bearish trend.

   •  The cross has now dropped to confluence support - comprising of 200-hour SMA and 61.8% Fibo. level, which if broken will mark a bearish breakdown and open room for further downside.

EUR/GBP 1-hourly chart