EUR/GBP Price Forecast: Keeps bullish vibe, first upside target emerges near 0.8600
- EUR/GBP softens to near 0.8580 in Wednesday’s early European session.
- The positive view of the cross prevails above the key 100-day EMA with the bullish RSI indicator.
- The first upside barrier emerges in the 0.8595-0.8600 region; the initial support level to watch is 0.8516.
The EUR/GBP cross loses traction to around 0.8580 during the early European session on Wednesday. The Euro (EUR) edges lower against the Pound Sterling (GBP) amid tariff negotiations uncertainty.
Technically, the constructive outlook of EUR/GBP remains in place as the cross is well-supported above the key 100-day Exponential Moving Average (EMA) on the daily chart. The upward momentum is reinforced by the 14-day Relative Strength Index (RSI), which stands above the midline near 65.45, displaying bullish momentum in the near term.
The high of June 30 and the round figure in the 0.8595-0.8600 zone act as an immediate resistance level for the cross. Extended gains could see a rally to 0.8620, the upper boundary of the Bollinger Band. The additional upside filter to watch is 0.8738, the high of April 11.
On the flip side, the initial support level for EUR/GBP is located at 0.8516, the low of June 26. Sustained trading below the mentioned level could see a drop to 0.8455, the 100-day EMA. The next downside target to watch is 0.8415, the lower limit of the Bollinger Band.
EUR/GBP daily chart
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