EUR/GBP technical analysis: Buyers aim for 0.8660 but overbought RSI hinders the path

A descending trend-line stretched late-March could offer immediate resistance with overbought RSI challenging the sentiment.
The British Pound (GBP) bears the burden of the UK's political uncertainty.

Anil Panchal FXStreet

With an upward sloping trend-line portraying the pair’s strength, EUR/GBP is on the bids near 0.8635 during early Friday.

The pair now heads towards seven-week-old trend-line resistance at 0.8660 but overbought levels of 14-bar relative strength index (RSI) could challenge buyers, if not then 0.8680 and 0.8700 can flash as quotes.

Further, the pair’s extended rise above 0.8700 gives rise to its up-moves to March highs near 0.8725.

Meanwhile, a downside break of 0.8625 support-line can drag prices to 50% Fibonacci retracement of March month upside, at 0.8600 ahead of highlighting 0.8570 marks including 61.8% Fibonacci retracement.

During the quote’s extended south-run under 0.8570, 0.8540 and 0.8500 should become bears’ favorites.

EUR/GBP 4-Hour chart

Trend: Bullish

1. R3 0.8703
2. R2 0.8676
3. R1 0.865
PP 0.8623
1. S1 0.8598
2. S2 0.857
3. S3 0.8545

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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