EUR/GBP technical analysis: Mixed play of short-term ascending channel, overbought RSI

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  • 10-day long ascending trend channel and refrain from declining portrays the upside momentum strength.
  • 200-day SMA seems to be the next landmark.

Even if overbought levels of 14-bar relative strength index (RSI) question buyers, EUR/GBP remains strong around 0.8725 during early Thursday.

Not only pair’s refrain from declining beneath 0.8720 but a 10-day long ascending trend channel also portrays its strength towards targeting the channel resistance of 0.8740 on the break of 0.8725 immediate upside barrier.

It should also be noted that quote’s rise past 0.8740 could challenge the 200-day simple moving average (SMA) level on the daily chart at 0.8795 now.

Meanwhile, 0.8715 and channel support of 0.8680 seem nearby important supports ahead of 0.8650 and 0.8615 rest-points.

Moreover, pair’s extended downturn below 0.8615 might not hesitate to visit 0.8540 support level comprising May 07 low.

EUR/GBP hourly chart

Trend: Positive

 

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