EUR/GBP rallied during the European morning Monday, breaking above the resistance (now turned into support) barrier of 0.8240 (S1). At the time of writing, the rate looks ready to challenge the 0.8315 (R1) level, marked by Friday’s peak. In my view, the short-term outlook remains positive and as a result, I would expect a decisive break above that resistance to see scope for extensions towards the 0.8400 (R2) area, defined by the peak of the 18th of March 2014. Looking at our short-term momentum studies, I see that the RSI is back within its above-70 territory and points up, while the MACD stands well above both its zero and trigger lines, pointing north as well. These indicators detect accelerating upside speed and amplify the case for EUR/GBP to continue trading higher, at least in the short run. As for the bigger picture, I see that last Friday’s rally has confirmed a higher high on the daily chart, which keeps the broader trend positive as well.
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