EUR/GBP - EUR/GBP To Test the Significant Resistance At 0.8630 - 08/11/2016 (GMT)

The EUR/GBP pair surged more than 11.7% during the last three months and in the mid-time followed the aggressive rally which started after the Britain’s decision to leave the European Union. The pair is moving upwards and is in progress to retest the previous month high at 0.8630. A successful attempt to overcome the aforementioned obstacle will open the way for a fresh three-year high at 0.8770. On the other side, a correction to the downside is possible until the 0.8500 psychological level which is near the 50-SMA on the 4-hour chart. Technical indicators on the 4-hour chart are biased higher the last hours. The MACD oscillator is moving above both, its zero and trigger lines suggesting a stronger momentum. In addition, the Relative Strength Index (RSI) is following an overbought area above 70, confirming the recent bullish attitude of the price.