The EUR/GBP pair extended its positive momentum on Monday after the European session, holding near the 0.8600 area following a 0.31% daily gain.
The EUR/GBP pair extended its positive momentum on Monday after the European session, holding near the 0.8600 area.
The pair rose 0.31% on Monday, trading in a mid-range between 0.8577 and 0.8624. Bulls managed to sustain control without triggering a breakout.
In the technical domain, the MACD is showing a buy signal, which bodes well for the bulls. However, other indicators are still in neutral territory.
The RSI is at 60, the Williams Percent Range is at -34.32, while the Stochastic %K is at 61.06. This points to a steady rather than aggressive upward bias.
The broader technical structure continues to support the buyers. The 20-day SMA is at 0.84937, while the 100-day and 200-day SMAs are at 0.83665 and 0.83854, confirming the bullish backdrop.
The 10-day EMA at 0.85657 and 10-day SMA at 0.85909 are also in line with the ongoing upward trend.
On the downside, the next levels of support are seen at 0.85909, 0.85680 and 0.85657.
If the pair manages to break above its daily peak, it could face resistance levels at 0.8625, 0.8644 and 0.8666.
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