EUR/GBP - Edged Sharply Higher Slightly Above Our Target at 0.92601 - 08/28/2017 (GMT)

The single currency traded with a heavy bias during the previous week versus sterling as it surged 1.28%. The EUR/GBP pair has an aggressive bullish tendency over the last four months and edged higher by almost 10% reaching its highest level since October 2009, new eight-year high. The buying interest started from the rebound on 0.8310 support barrier and the next stop to the upside is the 0.9400 psychological level.

The pair hit our recommended target at 0.9160 (see technical analysis here: http://bit.ly/2g1DZlZ) and is tested another two times the latter level since Friday. On the daily timeframe, the RSI indicator is trading into the overbought zone whilst the MACD oscillator is moving above both its trigger and zero lines.