EUR/GBP may rise 16 - 24 pips

Our pivot point stands at 0.8494.

Our preference

The upside prevails as long as 0.8494 is support.

Alternative scenario

The downside breakout of 0.8494 would call for 0.8480 and 0.8472.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 0.8495 and 0.8479). Finally, the EUR/GBP has crossed above its upper Bollinger band (0.8511).

Supports and resistances

0.8552 **

0.8544 *

0.8536 **

0.8528

0.8512 last

0.8499

0.8494 **

0.8480 *

0.8472 **

Number of asterisks represents the strength of support and resistance levels.