EUR/GBP - EUR/GBP is Moving Within a Rising Channel - 09/28/2016 (GMT)

The EUR/GBP pair is moving within an upward sloping channel since June after the UK decision to leave the European Union. During Monday’s session, the pair challenged the 0.8720 resistance level and had a rebound on it and now is moving near the 0.8615 price level. Also, the pair plunged more than 0.7% over the last two days as it is moving towards the 0.8500 strong psychological support level which overlaps with the 50-daily SMA. A break below the latter obstacle will open the door for the rising trend line and the 0.8330 support level.

From the technical point of view, on the same chart, the price continues developing above its moving averages, whilst the technical indicators are approaching their mid-levels. The MACD oscillator is moving below its trigger line confirming the recent bearish attitude of the price. The RSI indicator is still moving in a positive territory, however, is sloping downwards.