EUR/GBP: Corrective Recovery Remains Intact

EUR/GBP– Despite the cross’s price hesitation on Thursday, it continues to maintain its corrective recovery outlook triggered off the 0.6950 low on August 5, 2015. On the upside, resistance lies at the 0.7200 level, where a violation, if seen, will turn risk towards the 0.7250 level. Further out, the 0.7300 level comes in as the next upside target, followed by the 0.7350 level. Its daily RSI is bullish and pointing higher, suggesting further strength. Conversely, support lies at the 0.7100 level, where a violation will turn focus to the 0.7050 level. A break below here will expose the 0.7000 level. Further down, support comes in at the 0.6950 level. All in all, the cross is biased to the upside on further corrective recovery.

EUR/GBP Daily Chart

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