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    Technical Analysis – EURGBP bullish after breaching 0.80

    EURGBP closed above the key 0.80 level on Tuesday and reached an intra-day high of 0.8053 – the highest level since September 2014. This September high at 0.8064 is an important resistance level which if breached, will propel prices higher. A move above 0.8100 would be a strong confirmation of the recent uptrend that started from 0.6981.

    The outlook is bullish since the market is above the moving averages. On the long term chart, the technicals are bullish. MACD is trending up and is above zero, so this is bullish. Also RSI is above 50 but it is approaching overbought levels at 70, so this could indicate some consolidation is due.

    Support lies at the long-term moving average 0.7815 and resistance is at 0.8100.

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