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EUR/GBP 0.777 support may see a reversal - RBS

FXStreet (Łódź) - Dmytro Bondar, Technical Analyst at RBS suggests that a EUR/GBP bounce from the 0.7770 support level is possible.

Key quotes

"The pair took off 100-month MA, but struggled to break below the 0.7770 support level at a time of 12/26/9 weekly MACD showing positive divergence with the price."

"This indicates a likely bounce from the level and a possible trend reversal should a confirmation signal occur over the week ahead."

"Currently we have an inside week, but that was accompanied by a wick below the previous low, which makes the pattern less reliable and requires confirmation."

"Near- term we are likely to see resistance at 0.7951 and 0.8066."

"Should the 0.7770 level be broken, further downside to 0.7556 onto 0.7389 and 0.7222 would be expected."

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