EURGBP: Sees Bullish Rally, Eyes Further Upside Pressure

Mohammed Isah FXTechstrategy

EURGBP eyes further upside pressure on bullish rally. This leaves immediate upside risk towards the 0.8850 level. A violation if seen will turn risk towards the 0.8900 level. Further up, resistance comes in at 0.8950 level followed by the 0.9000 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support stands at the 0.8800 level where a violation will turn focus to the 0.8750 level. A break below here will aim at the 0.8700 level. On the upside, resistance resides at the 0.8650 level. All in all, EURGBP remains biased to the upside on further strength.

Author

Mohammed Isah

FXTechstrategy

Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market since 2010.

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