The EUR/GBP pair is trading above its upward trend line on a daily time frame. This affirms that the trend is skewed towards the upside however, it is important to emphasize that the price is testing the strength of this upward trend line and a break of this line will confirm a weakness for the price. If we do break this trend line, the next minor support could be near the 50 day moving average. The pair is firmly trading above the 50 and 100 day moving averages (shown in yellow and red colour respectively).
The RSI is confirming a clear sign of divergence in relation to the price action and this is reflects that the current uptrend may not prevail for long.
Important Zone
0.80009-0.7978 Major Resistance
0.7560-0.7520 Minor Support
0.7370-0.7318 Major Support
Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam