The EUR/GBP currency pair on the hourly time frame has been following an uptrend recently. The price is on recovery mode and reached the highest level of period under study at 0.86840 on 9 May. Political uncertainty played a major role in recent weakness in the Pound Sterling.
The hourly chart of the EUR/GBP confirms the positive sentiment in the price movement as the currency pair is making successively higher tops and higher bottoms.
By applying Oscillators Analysis, all three indicators confirm the positive bias in the market. As the chart shows, price is well above the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values above the zero-line which shows positive sentiment in the EUR/GBP. RSI (Relative Strength Index) showing values above 50 which supports the bullish sentiment.
In alternative scenario, key support level lies at 0.85972. Bears must break this level in order to regain bearish sentiment in the market.
The hourly chart of the EUR/GBP confirms the positive sentiment in the price movement as the currency pair is making successively higher tops and higher bottoms.
By applying Oscillators Analysis, all three indicators confirm the positive bias in the market. As the chart shows, price is well above the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values above the zero-line which shows positive sentiment in the EUR/GBP. RSI (Relative Strength Index) showing values above 50 which supports the bullish sentiment.
In alternative scenario, key support level lies at 0.85972. Bears must break this level in order to regain bearish sentiment in the market.