EUR/GBP Price Analysis: Bulls attack the 0.8600 mark
- EUR/GBP picks up bids and approaches the 0.8600 round mark.
- EUR/GBP will meet an initial support level of 0.8550, next resistance level is seen at 0.8615.
- The Relative Strength Index (RSI) stands flat above its midline.
The EUR/GBP pair navigates to the north above 0.8590 and challenges the 0.8600 round mark heading into Tuesday’s European session. According to the daily chart, EUR/GBP holds above the 50- and 100-day Exponential Moving Averages (EMA), implying the path of least resistance for the EUR/GBP is to the upside.
That being said, any decisive follow-through buying past 0.8600 will see a rally to 0.8615 (50-day EMA). Further north, the cross will challenge the next hurdle at 0.8635, representing the upper boundary of the Bollinger Band. The additional upside filter to watch is 0.8670 (100-day EMA).
On the downside, EUR/GBP will meet an initial support level of 0.8550 (Low Dec 1, 2022) en route to 0.8515 (the lower limit of the Bollinger Band). The breach of the latter would expose to 0.8500, the intersection of the psychological round mark and a high of Aug 19, 2022. Some follow-through selling below the mentioned level would fuel a drop towards 0.8415 (Low of July 13, 2022).
The Relative Strength Index (RSI) stands flat above its midline, supporting EUR/GBP buyers for now.
EUR/GBP daily chart
Author
Lallalit Srijandorn
FXStreet
Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.
