EUR/GBP: strong resistance around 0.9024

EUR/GBP: strong resistance around 0.9024

EUR/GBP is doing a retracement towards the 50% Fibonacci level in an effort to correct the decline held since last week of August. The 200 SMA is also being challenged at H4 chart and it seems like a pull back might happen soon. However, according to our Fibonacci projection, the pair is poised to test the 0.9024 level and if it manages to resume the bearish bias, then it can reach the 0.8612 level at the -23.6% Fibo zone.

RSI indicator remains in the positive territory, favoring to the bulls momentarily.

EURGBPmH4.png

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