EURGBP (1H) - short term bullish bias
The British pound strength might be challenged before the end of the week as pullbacks occur across the board. The euro has been gliding along the moving averages in a steady downtrend, but the latest double dip into the RSI's over-sold area has seen a bullish divergence which suggests a loss of momentum in the sell-off, and a reversal might be in the making. This morning's engulfing bullish candle is a typical sign of short covering and soon we may see more action on the upside.
Key support: 0.8430
Key resistance: 0.8480
The British pound strength might be challenged before the end of the week as pullbacks occur across the board. The euro has been gliding along the moving averages in a steady downtrend, but the latest double dip into the RSI's over-sold area has seen a bullish divergence which suggests a loss of momentum in the sell-off, and a reversal might be in the making. This morning's engulfing bullish candle is a typical sign of short covering and soon we may see more action on the upside.
Key support: 0.8430
Key resistance: 0.8480
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.