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EUR/GBP intraday: the RSI is overbought
2023-10-05
324
Our pivot point stands at 0.8655.
Our preference: the upside prevails as long as 0.8655 is support.
Alternative scenario: below 0.8655, expect 0.8641 and 0.8632.
Comment: the RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 0.8657 and 0.8656). Finally, the EUR/GBP is trading above its upper Bollinger band (standing at 0.8667).
Supports and resistances:
0.8715 **
0.8707 *
0.8698 **
0.8690
0.8673 last
0.8660
0.8655 **
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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