EUR/GBP Has 0.7283 in Sight

0
51
EUR/GBP Has 0.7283 in Sight

The EUR/GBP was bearish for the most part in May, falling from 0.7483 to 0.7055. After a rebound from 0.7055, it looks poised to test the 0.7283 resistance.

https://

After a bullish engulfing pattern in the 4H chart, EUR/GBP has not looked back. It broke a falling trendline and is now above the 50-, and 100-period simple moving averages. The 4H RSI also tagged 70, which represents initiation of bullish momentum.

The RSI is overbought, and there is a support/resistance pivot, where we might get some pullback. Now, if this short-term bullish outlook is to materialize, we should see support in the 0.7122-0.7137 area. A break below 0.7120 might represent a bearish continuation scenario.

Now, the projected rally to 0.7283 would be within the context of a neutral-bearish market in the medium-term. But a break above 0.7285 would open up a neutral-bullish one, with the 0.7483 level in sight.

Previous Post by Author: AUD/NZD – Watch Out for the Bullish Continuation Breakout

SHARE
Previous articleVegascasino.io Brings in Bitcoin Gambling for Players
Next articleCryptocurrency Trading News: Bitcoin Falls Nominally, Correction Appears
Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.