EUR/GBP
EUR GBP
- GBP (-)
- Real time data - Forex
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Type: Forex
Ticker: EURGBP
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EUR/GBP - Jumped Higher and Is Posting New 8-Year High - 08/24/2017 (GMT)

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  • Timeframe : Daily

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The EUR/GBP pair jumped to its strongest level as it posted an almost eight-year new high and is recording the fourth positive month in a row. In addition, the euro soared more than 9.6% since May and is moving towards our recommended target at 0.9260 (see previous technical analysis here: http://bit.ly/2g1DZlZ). The aggressive buying interest started from April after the bounce off the 0.8310 support level which overlaps with the 100-month SMA.

On the daily chart, the price is developing far away from the three simple moving averages (50, 100 and 200), while the technical indicators are confirming the recent bullish attitude. The Relative Strength Index (RSI) is moving within the overbought territory, above the 70 level. Also, the MACD oscillator is trading slightly above the trigger line in the positive path.
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