Technical Analysis – EURGBP lacks direction in near term; indicators suggest bullish bias
Posted on March 28, 2019 at 9:49 am GMTEURGBP returned to neutrality after plunging below the 38.2% Fibonacci retracement level of the downleg from the 15-month high of 0.9110 to the 22-month low of 0.8415 on February 19; prices are consolidating within the 0.8715 resistance and the 0.8470 support. The technical indicators, however, are pointing to positive momentum in the near term. The stochastics are heading upwards after the blue %K line crossed above the red %D line in the oversold zone, suggesting plenty of scope for additional upside moves. Moreover, a positive divergence seems to be [..]