EUR/GBP Hovers Above Major Support

The pound inched higher after Britain’s GDP returned to positive territory in August. The euro, on the other hand, has fallen victim to the selling pressure after it broke below 0.8530.

Price action is heading to 0.8450, a daily support from the August rally. To the bulls’ relief, the RSI’s divergence shows a slowdown in the bearish impetus.

They will need to lift 0.8520 before they could attempt a reversal. Failing that, a breakout below the said floor would trigger an extended sell-off towards 0.8360.

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