EUR/GBP Technical Analysis: Focus on today's close

Omkar Godbole FXStreet Contributor

EUR/GBP created a classic doji candle yesterday, signaling indecision in the market place. A close below 0.8666 today would signal a continuation of the sell-off from the Feb. 14 high of 0.8840. A close above 0.8704 (previous day's high) would confirm the bull doji reversal.

Looking at the hourly chart, a daily close above 0.8704 looks likely.

Hourly chart

As seen above, the pair has crossed the trendline sloping downwards from Feb. 14 highs and relative strength index (RSI) is biased bullish above.

Trend: Bullish above 0.8704

1. R3 0.8753
2. R2 0.8729
3. R1 0.8713
PP 0.8689
1. S1 0.8673
2. S2 0.8649
3. S3 0.8633

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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