EUR/GBP Eyes 0.8600 Breakout – Bulls Gaining Power Amid Market Buzz
The EUR/GBP pair is showing strong bullish signs as it trades around 0.8580. Even though it slipped a little in early Wednesday trading, the overall vibe remains positive. The Euro is holding well above the 100-day EMA, and the RSI (Relative Strength Index) is also staying bullish, sitting near 65. This tells traders that upward momentum is still strong.
Right now, the first major challenge for buyers is around the 0.8595 to 0.8600 area. If the price can break above this zone, the next possible target could be near 0.8620 — close to the upper Bollinger Band. If the bullish momentum continues, it might even climb as high as 0.8738, which was last seen in April.
On the other side, if the pair starts to fall, it could find support around 0.8516. A deeper drop could take it toward 0.8455 (a key moving average level) and possibly 0.8415 — the lower Bollinger Band.
Overall, the EUR/GBP forecast stays positive as long as the price holds above the 100-day EMA. Buyers are watching closely for a clear breakout above 0.8600 to confirm the uptrend.
Impact:
EUR/GBP could possibly rise above 0.8600 if buying pressure stays strong. But if it slips below 0.8516, traders might expect a short-term pullback.