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- EUR/GBP Price Analysis: Eases around 78.6% Fibo amid overbought RSI
EUR/GBP Price Analysis: Eases around 78.6% Fibo amid overbought RSI
- EUR/GBP snaps three-day uptrend around the highest levels in five months.
- Clear break of the previously key hurdles keeps buyers hopeful amid bullish MACD signals.
- Tops marked during late 2021 act as additional upside filters.
EUR/GBP retreats towards 0.8550 while posting the first daily loss in four heading into Tuesday‘s European session.
In doing so, the EUR/GBP justifies overbought RSI conditions by taking rounds to the 78.6% Fibonacci retracement (Fibo.) of September 2021 to March 2022 downside, around 0.8560.
It should, however, be noted that the bullish MACD signals and the pair’s successful trading beyond the previous resistance line from February, near 0.8538, keep buyers hopeful.
Even if the quote drops below 0.8538, the 61.8% Fibo and another resistance-turned-support line, this time from September 2021, will challenge the EUR/GBP sellers around 0.8485 and 0.8470 in that order.
Meanwhile, the pair’s further advances will aim for the 0.8595-8600 resistance zone comprising the double-tops marked during late 2021.
In a case where EUR/GBP prices rally beyond 0.8600, the bulls may not hesitate to challenge the September 2021 peak of 0.8658.
EUR/GBP: Daily chart
Trend: Pullback expected
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