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EUR/GBP potential bullish reversal at major support
Short-term technical outlook on EUR/GBP
click to enlarge charts Key Levels (1 to 3 days)
Intermediate support: 0.8565
Pivot (key support): 0.8550
Resistances 0.8630 & 0.8650
Next support: 0.8520
Directional Bias (1 to 3 days)
Bullish bias above 0.8550 key short-term pivotal support for a further potential push up to target the next intermediate resistances at 0.8630 and 0.8650.
However, a break below 0.8550 negates the bullish tone for slide back to retest the major support at 0.8520.
Key elements
The 800 pips decline from the 12 Aug 2019 swing high area of 0.9300 has stalled at 3-year/major sideways range configuration support in place since 05 Dec 2016 low.
In addition, positive signals have been detected on the 0.8520 major range support where the price action of the EUR/GBP cross pair has formed a daily “Bullish Engulfing” candlestick pattern coupled with a bullish divergence signal seen in the daily RSI oscillator at its oversold region. These observations suggest that the momentum of the 3-month down move has started to wane and price action may see a medium-term bullish reversal at this juncture.
The next significant intermediate resistances are at 0.8630 and 0.8650 which is defined by the minor range resistance from 16 Oct 2019 high and the 1.00/1.236 Fibonacci expansion of the recent push up from 18 Nov 2019 low.
Charts are from eSignal
Original from: www.forex.com
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