EURGBP could rebound from Fibonacci support

04 November 2020

EURGBP rose sharply from 3rd September to 11th September after making a low of 0.8864 to rise sharply to touch 0.9292. Post hitting this level the currency has been drifting lower, trading below the 20-day SMA. Currently the pair is rising after taking support at the 78.6% Fibonacci support of the rise seen from 3rd September to 11th September, RSI is also rising corroborating the above observation. It would be safe to say that EURGBP could rise further towards 0.9040 & 0.9080 while it sustains above 0.8940

Prepared by
Technical Analysis Team

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