EUR/GBP Back To The Upside
XM Group | May 01, 2015 02:44AM ET
EUR/GBP intra-day bias is back to the upside after prices rose above trend line resistance and cleared a key resistance zone between 0.7241 and 0.7249.
Looking at the daily chart, the pair has found support at 0.7296 at the 23.6% Fibonacci retracement level of the upleg from the March 11 low of 0.7013 to the March 25 high of 0.7384.
RSI is in bullish territory above 50 but we would need to see a break above the March 25 high of 0.7384 in order to see a stronger bullish bias, otherwise the market would still be in a range, keeping the neutral bias. If we look at the long term chart, the underlying trend is bearish, therefore we would need to see clearer bullish signals to say that the market has bottomed at 0.7013.
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