EUR/GBP is trading 0.10% higher to 0.8549 after hitting a low of 0.8519 yesterday. The pair’s immediate support levels are at 0.8533 and 0.8512. The intraday resistance levels are at 0.8568 and 0.8594.

On the intraday charts, the pair appears to be extending the downside with SMA-14 indicating resistance at 0.8572 and the SMA-50 indicating resistance at 0.8617. The mid-Bollinger band is at 0.8583, the upper and lower bands are at 0.8637 and 0.8529 respectively. The RSI is below the neutral zone and has a slight upwards curve. Following yesterday’s recovery from 0.8519 and analyzing the current intraday price pattern suggests a limited downside which brings opportunities on both side. A buying entry is ideal at the following levels

On the flip side, a sudden spike towards SMA-14 makes the pair ideal for selling entries at the following levels

Direction: Sell
Entry: 0.8580
Take Profit:  0.8535
Stop-loss: 0.8608

Bulls require an intraday closing above 0.8600 to get a stronghold and move further higher. On the downside, an intraday closing below 0.8530 would be supportive of the bears and help them breach below the psychological support level of 0.85000.

 

 

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By LCMS Traders FX Analysis Team

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