EUR/GBP may rise 11 - 16 pips

Our pivot point stands at 0.8498.

Our preference

Rebound.

Alternative scenario

The downside breakout of 0.8498 would call for 0.8489 and 0.8485.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above its 20 period moving average (0.8501) but under its 50 period moving average (0.8508). Finally, the EUR/GBP is trading above its upper Bollinger band (standing at 0.8505).

Supports and resistances

0.8531 **

0.8526 *

0.8521 **

0.8516

0.8505 last

0.8501

0.8498 **

0.8489 *

0.8485 **

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