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EUR/GBP may rise 30 - 44 pips
BY Trading Central
|January 9, 2025Intraday: the RSI is overbought
Our pivot point is at 0.8347.
Our preference
The upside prevails as long as 0.8347 is support.
Alternative scenario
The downside breakout of 0.8347 would call for 0.8324 and 0.8310.
Comment
The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 0.8350 and 0.8334). Finally, the EUR/GBP is trading above its upper Bollinger band (standing at 0.8366).
Supports and resistances
0.8443 **
0.8429 *
0.8415 **
0.8401
0.8371 last
0.8356
0.8347 **
0.8324 *
0.8310 **
Number of asterisks represents the strength of support and resistance levels.
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