Technical Analysis for EUR/GBP

Technical Analysis for EUR/GBP

Examining the four-hour interval chart, we see the EUR/GBP pair trading above Linear Regression Indicators 34 and 55. The pair is also above the Exponential Moving Average (EMA) 50, and above 0.8575. All these technical events are considered positive and might cause the pair to rise and test levels above 0.8700. Note that forecasts of positivity require key stability above 0.8575.

The trading range expected for today is between the key support at 0.8550 and the key resistance at 0.8760

The short-term trend is upside targeting 1.0370 as far as 0.7785 remains intact

Support: 0.8655, 0.8615, 0.8600, 0.8575, 0.8550
Resistance: 0.8680, 0.8700, 0.8740, 0.8760, 0.8800

Recommendation Based on the above graph and explanation, we believe buying the pair above 0.8655 targeting 0.8700, 0.8740 and 0.8760 and stop-loss by four-hour closing below 0.8575 would be suitable