EUR/GBP may fall 24 - 34 pips

Our pivot point is at 0.8610.

Our preference

Under pressure below 0.8610.

Alternative scenario

Above 0.8610, look for 0.8627 and 0.8637.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 0.8606 and 0.8594). Finally, the EUR/GBP is trading below its lower Bollinger band (standing at 0.8595).

Supports and resistances

0.8637 **

0.8627 *

0.8610 **

0.8603

0.8592 last

0.8568

0.8558 **

0.8548 *

0.8538 **

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