EUR/GBP may rise 22 - 34 pips

Our pivot point stands at 0.8515.

Our preference

Rebound towards 0.8565.

Alternative scenario

Below 0.8515, expect 0.8496 and 0.8485.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 0.8535 and 0.8552).

Supports and resistances

0.8587 **

0.8576 *

0.8565 **

0.8553

0.8531 last

0.8522

0.8515 **

0.8496 *

0.8485 **

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