EUR/GBP remained within the consolidation phase during the last week and is currently trading 0.36% higher to 0.8592 on the first day of the new week. The 0.8600 is likely to act as a stiff resistance area while other resistances are present at 0.8622 and 0.8658. The intraday support levels are at 0.8574 and 0.8563.

On the intraday charts, the pair is keeping below the moving averages, the SMA-14 is indicating resistance at 0.8589 and the SMA-50 resistance area is at 0.8624. The pair is also below the mid-Bollinger band which is at 0.8579. The upper and lower bands are at 0.8651 and 0.8542 respectively. The RSI is below the neutral zone. Following the ongoing narrow trading range and considering the nearby resistance zone, the pair is currently good to sell at the following levels

Entry: 0.8615
Take Profit: 0.8570
Stop Loss: 0.8638

An intraday closing at or near 0.8540 would be supportive of the bulls while closing below 0.8560 would help bears breach below the narrow trading range and challenge the 0.85000 level.

 

 

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By LCMS Traders FX Analysis Team

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