EURGBP Technical Analysis for July 17, 2013

The EURGBP continues to consolidate in the current bullish trend, while it tries to form patterns to strengthen bullish trend.

Days ago, the EURGBP made ​​a bullish rebound in the 200 day moving average near 0.8509 level. Then, the pair broke the resistance level at 0.8613 and now,  it’s trying to climb to the resistance at the 0.8712 level. If the EURGBP manages to break that level, it is expected to rise to the level of 0.8795. On the other hand, it is very possible that this pair conduct a bearish rebound at current levels and fall back to the support at 0.8613 level. For now, the bullish outlook still alive, because the EURGBP remains above the 200 day moving average.

However, we must be careful with the MACD indicator is showing extreme overbought levels and is in positive territory.

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