Chart Of The Day: EUR/GBP

Sterling has been on a rip higher the last few weeks, and EUR/GBP has slumped to levels not seen since early 2020 as a result. However, we are at a 5+-year trendline today at the .8600 level. Even though in the last several weeks I have been very bullish the GBP overall (on different crosses), the risk of a bounce in EUR/GBP may be high as the RSI is at levels not seen since 2017 and very oversold. In addition, the U.S. equity markets may be ready to consolidate gains or pullback some, and GBP tends to underperform in that environment. EUR/GBP bears should be careful near term. I do expect this .8600 level to eventually give way, but near term may be another story. 

EUR/GBP Daily Chart.

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