EUR/GBP Aims Higher

EUR/GBP is rising and might rise above the 0.8650 resistance.

Important Takeaways for EUR/GBP Analysis Today

· EUR/GBP is rising and trading above the 0.8600 zone.

· There is a major bullish trend line forming with support near 0.8625 on the hourly chart at FXOpen.

EUR/GBP Technical Analysis

On the hourly chart of EUR/GBP at FXOpen, the pair started a steady increase from the 0.8555 zone. The Euro traded above the 0.8600 pivot level to enter a positive zone against the British Pound.

The EUR/GBP chart suggests that the pair settled above the 50-hour simple moving average and 0.8625. A high is formed near 0.8647 and the pair is now consolidating gains. It traded below the 23.6% Fib retracement level of the upward move from the 0.8601 swing low to the 0.8647 high.

Immediate support sits near a bullish trend line at 0.8625. It is close to the 50% Fib retracement level of the upward move from the 0.8601 swing low to the 0.8647 high.

The next major support is near 0.8600. A downside break below the 0.8600 support might call for more downsides. In the stated case, the pair could drop toward the 0.8555 support level.

Immediate resistance is near 0.8650. The next major resistance could be 0.8675. A close above the 0.8675 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8700. Any more gains might send the pair toward the 0.8740 level.

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