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EUR/GBP intraday: the RSI is oversold
2023-10-31
549
Our pivot point stands at 0.8715.
Our preference: the downside prevails as long as 0.8715 is resistance.
Alternative scenario: the upside breakout of 0.8715, would call for 0.8727 and 0.8734.
Comment: the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 0.8732 and 0.8729).
Supports and resistances:
0.8734 **
0.8727 *
0.8715 **
0.8710
0.8703 last
0.8686
0.8679 **
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