EUR/GBP Intraday: The RSI is Oversold

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EUR/GBP intraday: the RSI is oversold Our pivot point stands at 0.8607.

Our preference: rebound towards 0.8677.

Alternative scenario: below 0.8607, expect 0.8582 and 0.8566.

Comment: the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and above its signal line. The configuration is mixed. Moreover, the pair stands below its 20 and 50 MAs (respectively at 0.8643 and 0.8680).