Technical Analysis for EUR/GBP

Technical Analysis for EUR/GBP

The pair lodged in levels close to Linear Regression Indicators after yesterday's rise, while at the same time it trades in levels just below the last top at 0.8718. Stochastic reflects overbought indications, contradicitng with the fact that trading is withing the bullish channel shown on the graph, the thing that renders Risk/Reward Ration rather inconvenient. Therefore, we advise neutrality for today.

The trading range expected for today is between the key support at 0.8535 and the key resistance at 0.8760.

The short-term trend is upside targeting 1.0370 while 0.7785 remains intact.

Support: 0.8655, 0.8615, 0.8600, 0.8575, 0.8550
Resistance: 0.8680, 0.8700, 0.8720, 0.8740, 0.8760

Recommendation Based on the graph and explanation above, we advise neutrality as we wait for clearer signs of a specific direction