EUR/GBP technical analysis: Mixed play of short-term ascending channel, overbought RSI

10-day long ascending trend channel and refrain from declining portrays the upside momentum strength.
200-day SMA seems to be the next landmark.

Anil Panchal FXStreet

Even if overbought levels of 14-bar relative strength index (RSI) question buyers, EUR/GBP remains strong around 0.8725 during early Thursday.

Not only pair’s refrain from declining beneath 0.8720 but a 10-day long ascending trend channel also portrays its strength towards targeting the channel resistance of 0.8740 on the break of 0.8725 immediate upside barrier.

It should also be noted that quote’s rise past 0.8740 could challenge the 200-day simple moving average (SMA) level on the daily chart at 0.8795 now.

Meanwhile, 0.8715 and channel support of 0.8680 seem nearby important supports ahead of 0.8650 and 0.8615 rest-points.

Moreover, pair’s extended downturn below 0.8615 might not hesitate to visit 0.8540 support level comprising May 07 low.

EUR/GBP hourly chart

Trend: Positive

Additional important levels

Overview
Today last price	0.8724
Today Daily Change	2 pips
Today Daily Change %	0.02%
Today daily open	0.8722

Trends
Daily SMA20	0.8626
Daily SMA50	0.8603
Daily SMA100	0.8696
Daily SMA200	0.8797

Levels
Previous Daily High	0.8738
Previous Daily Low	0.8668
Previous Weekly High	0.8649
Previous Weekly Low	0.8489
Previous Monthly High	0.8685
Previous Monthly Low	0.8502
Daily Fibonacci 38.2%	0.8711
Daily Fibonacci 61.8%	0.8695
Daily Pivot Point S1	0.8681
Daily Pivot Point S2	0.864
Daily Pivot Point S3	0.8612
Daily Pivot Point R1	0.8751
Daily Pivot Point R2	0.8779
Daily Pivot Point R3	0.882

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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