At the moment EUR/GBP is strongly pressured lower, however some signals suggest that the downside potential will soon be limited and therefore there is more scope for a healthy pullback.
Looking at the price action the pair is approaching a support zone made of a support line found at 0.8329 and a stochastic oscillator entering oversold territory. The previous reversals that occurred around these levels show that there is a strong demand in this zone, indeed the candlesticks have long, lower shadows as depicted in the daily chart.
The rebound zone ranges between 0.8330 and 0.8350, in case of rebound the price could go up to 0.8433 and in the most favourable scenario 0.8497 where it would find a strong resistance line.
Looking at the price action the pair is approaching a support zone made of a support line found at 0.8329 and a stochastic oscillator entering oversold territory. The previous reversals that occurred around these levels show that there is a strong demand in this zone, indeed the candlesticks have long, lower shadows as depicted in the daily chart.
The rebound zone ranges between 0.8330 and 0.8350, in case of rebound the price could go up to 0.8433 and in the most favourable scenario 0.8497 where it would find a strong resistance line.
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