EUR/GBP Technical Analysis: Eyes break above 0.89 after a bull flag breakout

The EUR/GBP's hourly chart is showing a bull flag breakout - a bullish continuation pattern - which indicates the rally from 0.8707 (pole low) has resumed.
The stacking order of the 50-hour moving average (MA), above the 100-hour MA, above the 200-hour MA indicates the path of least resistance is on the higher side. The 14-hour relative strength index (RSI) of 61.00 is biased toward the euro bulls.
So, the stage looks set for a rally to 0.9050 (target as per the measured height method). A move below Friday's low of 0.8824 would abort the bullish view.

Omkar Godbole FXStreet Contributor

Hourly Chart

Trend: Bullish

EUR/GBP

Overview:
    Last Price: 0.8889
    Daily change: -10 pips
    Daily change: -0.112%
    Daily Open: 0.8899
Trends:
    Daily SMA20: 0.8803
    Daily SMA50: 0.8834
    Daily SMA100: 0.8882
    Daily SMA200: 0.8835
Levels:
    Daily High: 0.8906
    Daily Low: 0.8824
    Weekly High: 0.8906
    Weekly Low: 0.8656
    Monthly High: 0.8942
    Monthly Low: 0.8722
    Daily Fibonacci 38.2%: 0.8875
    Daily Fibonacci 61.8%: 0.8856
    Daily Pivot Point S1: 0.8847
    Daily Pivot Point S2: 0.8795
    Daily Pivot Point S3: 0.8765
    Daily Pivot Point R1: 0.8929
    Daily Pivot Point R2: 0.8959
    Daily Pivot Point R3: 0.9011

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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