EURGBP (1H) - intraday bearish bias
The pound sterling renewed its strength this morning against the single currency, but don't be fooled by the big red candle. While it is not too late to jump on the bear train and grab a few pips, that might just be it. The price is approaching the critical and psychological daily support of 0.8500, and we can reasonably expect the big pockets to start to take chips off the table. In the meantime, the RSI divergence is painting the possibility of a rebound, if not a reversal.
Key support: 0.8550
Key resistance: 0.8670
The pound sterling renewed its strength this morning against the single currency, but don't be fooled by the big red candle. While it is not too late to jump on the bear train and grab a few pips, that might just be it. The price is approaching the critical and psychological daily support of 0.8500, and we can reasonably expect the big pockets to start to take chips off the table. In the meantime, the RSI divergence is painting the possibility of a rebound, if not a reversal.
Key support: 0.8550
Key resistance: 0.8670