Since the beginning of the week, the EUR/GBP is seen in tight trading, having the Brexit concerns on one side and on the other side the Catalunia’s independence drama. Technically, the pair conquered the resistance at 0.8900 (former support) and broke out of the bullish channel, that has formed from late September. On the four hour time frame the price is trying to cross to above its bullish 20-day SMA. Stochastic is showing strong bullish momentum and is located very close to its extreme overbought territory, while RSI is at around 60, but has lost directional strength. The pair is currently consolidating lower, but the short term outlook still favors to the upside.
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