FX.co ★ Technical analysis of EUR/GBP for June 29, 2016

EUR/GBP is expected to trade in a higher range as bias remains bullish. The pair is posting a pullback, but stays above its support at 0.8200. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. Further upside is expected with 0.8380 and 0.8500 as the next targets.

Trading recommendation:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.8380 and the second one at 0.85. In the alternative scenario, short positions are recommended with the first target at 0.8105 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7975. The pivot point is at 0.8200.

Resistance levels: 0.8380, 0.85, 0.8575

Support levels: 0.8105, 0.7975, 0.7915