Oversold RSI triggers EUR/GBP pullback. Sustained run-up beyond multi-month-old horizontal resistance can challenge 61.8% Fibonacci retracement level. While sustained trading below 61.8% Fibonacci retracement dragged the EUR/GBP pair to five-month low, oversold conditions of RSI trigger pair’s U-turn to 0.8650 ahead of the European session open on Wednesday. However, the pair needs to cross a multi-month-old horizontal resistance area, including late-March/April tops and Friday’s low, around 0.8685/95, before revisiting 61.8% Fibonacci retracement of March-August upside, at 0.8800. It should also be noted that the pair’s recovery beyond 0.8800 enable bulls to target 21-day Simple Moving Average (SMA), near 0.8845 now. Should bears refrain to respect oversold conditions of 14-bar Relative Strength Index (RSI), 0.8600 and May month low surrounding 0.8490 could entertain them ahead of reprinting 0.8470 on the chart. EUR/GBP daily chart Trend: pullback expected FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US Dollar Index appears sidelined around 98.30 ahead of US data FX Street 4 years Oversold RSI triggers EUR/GBP pullback. Sustained run-up beyond multi-month-old horizontal resistance can challenge 61.8% Fibonacci retracement level. While sustained trading below 61.8% Fibonacci retracement dragged the EUR/GBP pair to five-month low, oversold conditions of RSI trigger pair's U-turn to 0.8650 ahead of the European session open on Wednesday. However, the pair needs to cross a multi-month-old horizontal resistance area, including late-March/April tops and Friday's low, around 0.8685/95, before revisiting 61.8% Fibonacci retracement of March-August upside, at 0.8800. It should also be noted that the pair's recovery beyond 0.8800 enable bulls to target 21-day Simple Moving Average (SMA), near 0.8845 now.… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
