EUR/GBP is trading 0.06% higher to 0.8573 after closing lower on Friday. The pair’s immediate support levels are at 0.8562 and 0.8538. The intraday resistance levels are at 0.8590 and 0.8624.

EUR/GBP Daily Technical Levels

The bulls were unable to breach above the slopping trend line resistance area on Friday and it’s likely to further favor the bulls. The current price is near the SMA-14 resistance line (0.8572) while the SMA-50 resistance area is at 0.8608. The mid-Bollinger band is at 0.8579 and the upper and lower bands are at 0.8625 and 0.8533 respectively. The RSI is below the neutral zone and supportive of the bears. Following the intraday price pattern and considering the nearby resistance areas the pair is ideal for a short entry at the following levels

Direction: Sell
Entry: 0.8585
Take Profit: 0.8535
Stop-Loss: 0.8615

An intraday closing above the SMA-50 (0.8600) would be ideal for the bulls to fully resume the uptrend. On the downside, an intraday closing below 0.8540 would help bears challenge the 0.8500 mark during this week.

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By LCMS Traders FX Analysis Team

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