Chart - Courtesy Trading View
Technical Analysis: Bullish
- EUR/GBP was trading 0.11% higher on the day at 0.8548 at around 10:50 GMT
- The pair is extending channel breakout and is on track for further gains
- Price action is above 200-DMA and daily cloud, Chikou span is biased higher
- Momentum is bullish, Stochs and RSI are in overbought territory, but no signs of reversal seen
- GMMA indicator shows major and minor trend are strongly bullish
- The pair is extending bounce off 200-month MA, weakness only on break below
Support levels:
S1: 0.8484 (5-DMA)
S2: 0.8441 (200-DMA)
Resistance levels:
R1: 0.8590 (110-week EMA)
R2: 0.8730 (200-week MA)
Summary: EUR/GBP is set to extend gains. Overbought conditions warrant some caution. Major trend is bullish, pullbacks are likely to be shallow. Watch out for break above 110-week EMA for bullish continuation.
