EUR/GBP may rise 15 - 22 pips

Our pivot point is at 0.8506.

Our preference

Rebound.

Alternative scenario

The downside breakout of 0.8506 would call for 0.8494 and 0.8487.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (0.8515) but below its 50 period moving average (0.8518).

Supports and resistances

0.8553 **

0.8546 *

0.8539 **

0.8532

0.8517 last

0.8511

0.8506 **

0.8494 *

0.8487 **

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