EUR/GBP may rise to 0.8724 - 0.8794

Our pivot point stands at 0.8470.

Our preference

The upside prevails as long as 0.8470 is support.

Alternative scenario

Below 0.8470, expect 0.8353 and 0.8284.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 0.8443 and 0.8477). Finally, the EUR/GBP has crossed above its upper Bollinger band (0.8544).

Supports and resistances

0.8933 **

0.8863 *

0.8794 **

0.8724

0.8584 last

0.8516

0.8470 **

0.8353 *

0.8284 **

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