EUR/GBP violated the 0.8300 bar and moved lower to reach the support at 0.8260 (S1)

on Mar 31, 2014
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EUR/GBP violated the 0.8300 bar and moved lower to reach the support at 0.8260 (S1). A clear close below that obstacle may have larger bearish implications and target the next support at 0.8200 (S2). However, since the RSI crossed above its 30 level and the MACD seems ready to cross above its signal line, an upward corrective wave is possible in my view. The rate is trading below both the moving averages, while the 50-period moving average is getting closer to the 200-period one, thus a bearish cross in the near future may confirm the negative picture of the currency pair.
Support: 0.8260 (S1), 0.8200 (S2), 0.8160 (S3).
Resistance: 0.8300 (R1), 0.8340 (R2), 0.8400 (R3).

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