EUR/GBP Eyes Upside Break
EUR/GBP is struggling and facing resistance near 0.8790.
Important Takeaways for EUR/GBP
EUR/GBP is struggling to break the 0.8790 resistance zone.
There is a major bullish trendline forming with support near 0.8770 on the EUR/GBP hourly chart.
EUR/GBP Technical Analysis
On the hourly chart at FXOpen, the Euro traded in a small range below the 0.8790 resistance zone against the British Pound. The EUR/GBP pair made a couple of attempts to break the 0.8790 resistance but failed.
The recent high was formed near 0.8790, and the pair is now consolidating. If there is a bearish reaction and RSI falls below 50, the pair might find bids near the 50-hour simple moving average at 0.8755. The stated support coincides with the 50% Fib retracement level of the upward move from the 0.8762 swing low to the 0.8790 high.
The next major support is near a bullish trendline at 0.8770. A downside break below it may lead to more downward moves. In the stated case, the pair could decline toward the 0.8730 support level in the near term.
Conversely, the bulls could break above the 0.8790 resistance. The next major barrier for the bulls is near 0.8825, above which EUR/GBP could accelerate higher. In the stated case, the bulls may perhaps aim for a test of 0.8880. Any more gains might send the pair toward the 0.8900 level.
This forecast represents FXOpen Companies’ opinion only, it should not be construed as an offer, invitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
Important Takeaways for EUR/GBP
EUR/GBP is struggling to break the 0.8790 resistance zone.
There is a major bullish trendline forming with support near 0.8770 on the EUR/GBP hourly chart.
EUR/GBP Technical Analysis
On the hourly chart at FXOpen, the Euro traded in a small range below the 0.8790 resistance zone against the British Pound. The EUR/GBP pair made a couple of attempts to break the 0.8790 resistance but failed.
The recent high was formed near 0.8790, and the pair is now consolidating. If there is a bearish reaction and RSI falls below 50, the pair might find bids near the 50-hour simple moving average at 0.8755. The stated support coincides with the 50% Fib retracement level of the upward move from the 0.8762 swing low to the 0.8790 high.
The next major support is near a bullish trendline at 0.8770. A downside break below it may lead to more downward moves. In the stated case, the pair could decline toward the 0.8730 support level in the near term.
Conversely, the bulls could break above the 0.8790 resistance. The next major barrier for the bulls is near 0.8825, above which EUR/GBP could accelerate higher. In the stated case, the bulls may perhaps aim for a test of 0.8880. Any more gains might send the pair toward the 0.8900 level.
This forecast represents FXOpen Companies’ opinion only, it should not be construed as an offer, invitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
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