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EURGBP Bulls in Control, Approaching Overbought Level

EURGBP continues higher en route to test the upper bound of the ascending  trend line, the pair is adding 0.67% at 0.9189 after mixed EU services PMI and despite better UK Services PMI.

On the technical analysis side the momentum is positive for the pair as it trades above all major moving averages. The pair registers a huge run higher since May bottoming out around 0.8500  the pair hit a high of 0.9191 today, and now attempts to make new highs. The most possible scenario is for the pair to break higher continuing the recent uptrend.  On the upside immediate resistance stands at 0.9198 today’s high while more offers will emerge at the 2017 high at 0.9306, followed by the 0.9582 level. On the downside first support stands at 0.9126 today’s low while next barrier is at 0.9143 the 100 hour moving average. A break below that level can accelerate the pressure down to 0.8956 the 50 day moving average. Traders holding long positions can sit comfortably as long as the pair trades above 0.91. For those looking to sell EURGBP a break below 0.91 could be the signal for a correction down to 0.90 zone. The RSI on the daily chart is approaching the overbought area and a retreat can’t be ruled out.Don’t miss a beat! Follow us on Twitter.