EUR/GBP on the way to consolidate above 0.9100

EUR/GBP on the way to consolidate above 0.9100

EUR/GBP has made a successful rebound in demand zone at 50% (0.9004) and it’s now heading towards the 0.9125 level, at which is located the -23.6% Fibonacci retracement level. So far, the 200 SMA is setting the tone and providing the path that the pair can follow in the short-term. To invalidate this bullish scenario, EUR/GBP needs to break below the 0.8979 level, where is the 65% and it could open the doors for a testing of the 0.8957 area (78.6% Fibo zone).

RSI indicator still hovers around the 50 level, calling for a sideways structure in the short-term.

EURGBPmH1.png

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