EUR/GBP in a possible buy zone around 0.8760

EUR/GBP in a possible buy zone around 0.8760

EUR/GBP is very close to a strong buy zone that has been formed during recent days, as the pair is following a bullish bias. Such area corresponds to a Fibonacci retracement projection we did, based on the H4 chart, as we’re seeing that 200 SMA at H4 chart is close to the 50% and 61.8% levels (0.8760 – 0.8731). If it manages to rebound over that zone, one could expect a bullish continuation towards -23.6% in 0.8934.

To the downside, a break below 0.8724 could accelerate the bearish bias towards 0.8641. RSI indicator remains at the negative territory.

EURGBPH4.png

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