#EURGBP @ 0.87371 The keeps the upward bias intact, despite piercing 0.8700 earlier in Thursday’s session. (Pivot Orderbook analysis)

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• The EUR/GBP keeps the upward bias intact, despite piercing 0.8700 earlier in Thursday’s session.
• EUR/GBP Price Analysis: Break above 0.8760 to pave the way for higher prices; otherwise, a fall toward 0.8625 is on the cards.

The pair currently trades last at 0.87371.

The previous day high was 0.877 while the previous day low was 0.8712. The daily 38.2% Fib levels comes at 0.8734, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8748, expected to provide resistance.

The EUR/GBP climbs after testing a two-week upslope trendline, drawn from the September 2 and 14 lows that pass through the 0.8700 figure. During the day, the EUR/GBP tumbled to the daily low, below the previously-mentioned trendline at 0.8691, but bounced off and hit a daily high at 0.8760 before stabilizing at current exchange rates. At the time of writing, the EUR/GBP trades at 0.8737, above its opening price.

From a daily chart perspective, the EUR/GBP dip towards 0.8700 was on the cards. Oscillators, particularly the Relative Strength Index (RSI), peaked just below entering overbought conditions three times since August 31, opening the door for a retracement. Once the Bank of England’s (BoE) decision was known, the euro gained traction, and buyers reclaimed the 0.8700 thresholds, maintaining the upward bias intact.

Switching to an intraday time frame, the EUR/GBP four-hour chart illustrates the pair as neutral-to-downward biased, with some solid resistance levels above the current exchange rate that might cap the EUR/GBP recovery. Break above the EUR/GBP 0.8760 daily high could pave the way toward the YTD high at 0.8787, ahead of the 0.8800 psychological level.

Contrarily, a drop below the S1 daily pivot at 0.8702 would expose the weekly low at 0.8691, followed by the confluence of the S2 pivot and the 100-EMA at around 0.8680/82, and then the September 14 low at 0.8625.

Technical Levels: Supports and Resistances

EURGBP currently trading at 0.8737 at the time of writing. Pair opened at 0.873 and is trading with a change of 0.1 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.8648, 50 SMA 0.8526, 100 SMA @ 0.8533 and 200 SMA @ 0.8454.

The previous day high was 0.877 while the previous day low was 0.8712. The daily 38.2% Fib levels comes at 0.8734, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8748, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.8704, 0.8678, 0.8645
• Pivot resistance is noted at 0.8763, 0.8796, 0.8822

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