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Fan Yang

EUR/GBP - Bullish Breakout Confirmed; 0.91 and 0.93 in Sight

Last time we looked at $EURGBP, it was in a pullback after a breakout. I suggested monitoring the 0.8870 area for support, which would confirm the bullish breakout.

I like EUR/GBP Here Around 0.8870

EUR/GBP Daily Chart

(click to enlarge)

Key Support Holds:
- EUR/GBP came down to 0.8850 and rebounded, respecting the rising trendline, the cluster of moving averages, most importantly the 200-day SMA, and the previous channel resistance as support.
- Furthermore, the RSI held above 40, which suggests maintenance of the prevailing bullish momentum. 
- Finally, a strong bullish candle represented the reaction from this support area. 
- These are all good signs for the bullish outlook.
- There is strong upside to 0.91. 
- If price can start anchoring above 0.90, EUR/GBP will have the 0.93 high from 2017 in sight.