EUR/GBP intraday: the RSI is oversold
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0.8419 is our pivot point.
Our preference: the downside prevails as long as 0.8419 is resistance.
Alternative scenario: above 0.8419, look for 0.8432 and 0.8439.
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 stands below its 20 and 50 period moving average (respectively at 0.8417 and 0.8418). Finally, the EUR/GBP has penetrated its lower Bollinger band (0.8409).
Supports and resistances:
0.8439 **
0.8432 *
0.8419 **
0.8414
0.8408 last
0.8392
0.8385 **
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