#EURGBP @ 0.87686 The advances 0.11% during Monday’s North American session. (Pivot Orderbook analysis)

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• The EUR/GBP advances 0.11% during Monday’s North American session.
• Medium-term, as shown by the EUR/GBP daily chart, the pair is upward biased.
• Negative divergence in the 4-hour scale, to tumble the EUR/GBP towards the 0.8700 figure.

The pair currently trades last at 0.87686.

The previous day high was 0.8784 while the previous day low was 0.8715. The daily 38.2% Fib levels comes at 0.8758, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8741, expected to provide support.

The EUR/GBP edges up during the North American session, reaching a fresh YTD high at around 0.8787 but retreated towards the 0.8760s mark, forming a doji, meaning that buyers/sellers are at an equilibrium point. At the time of writing, the EUR/GBP is trading at 0.8767, up by 0.10%.

From a daily chart perspective, the EUR/GBP is upward biased, but as the Relative Strength Index (RSI) gets into overbought territory, it might open the door for some consolidation. Additionally, it’s worth noting that there is a negative divergence between price action and the RSI, suggesting that the cross-currency might drop towards the 0.8700 figure or below before resuming its uptrend.

In the near term, the EUR/GBP four-hour scale portrays a divergence, with price action registering higher highs, contrary to RSI’s printing lower highs, meaning that sellers are gathering momentum. Hence, the EUR/GBP in the short term is downward biased.

Therefore, the EUR/GBP first support is the daily pivot of 0.8752. Break below will expose the confluence of the 20-EMA and the S1 daily pivot at the 0.8719/24 range, followed by the 50-EMA at 0.8696, ahead of the S2 daily pivot at 0.8680.

Technical Levels: Supports and Resistances

EURGBP currently trading at 0.8768 at the time of writing. Pair opened at 0.8769 and is trading with a change of -0.01 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.8601, 50 SMA 0.8507, 100 SMA @ 0.8523 and 200 SMA @ 0.845.

The previous day high was 0.8784 while the previous day low was 0.8715. The daily 38.2% Fib levels comes at 0.8758, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8741, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8728, 0.8687, 0.8658
• Pivot resistance is noted at 0.8798, 0.8826, 0.8867

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