ByLCMS Traders FX Analysis Team
APR 28, 2021
EUR/GBP is trading in the positive zone after making a recent low of 0.8471. Currently, the pair is trading at 0.8696 with immediate support levels at 0.8677 and 0.8652. The 0.8700 is acting as a stiff resistance area while other resistance areas are present at 0.8733 and 0.8768.
On the intraday charts, the SMA-14 is indicating support at 0.8669 while the SMA-50 support line is at 0.8612. The RSI is at 60 and appears flat and MACD is above the zero line and supportive of the bulls. The pair is also above the mid-Bollinger band which is at 0.8638. The intraday and 4-hourly price charts are bullish, however, a buy entry would only be suitable only if the pair closes above the 0.87000 resistance level on the 4-hourly chart. The target for the buy trade would be 50 to 60 pips with a reasonable stop-loss at 0.8670.
An intraday closing above 0.8720 is needed for the bulls to build further higher momentum. On the downside, an intraday closing below 0.8650 would be supportive of the bears and they would be able to extend the downside.
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