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EUR/GBP Bounces off 0.85 and a Rising Trendline

Yesterday we saw EUR/GBP fall towards a key support around 0.85. EUR/GBP vs. 0.85 and Rising Support.

The 4H chart shows that price is indeed finding some sellers after briefly cracking the 0.85 support, but holding above the rising trendline.

EUR/GBP 4H Chart 11/22

(click to enlarge)

- Finding support at 0.85 does not mean that EUR/GBP is turning bullish, although that is in the realm of possibilities. 
- The first resistance to the bullish attempt should be around 0.8635-0.8640, which involves some common resistance in November. 
- The next resistance would be the 0.87-0.8720 area, which involves a support/resistance pivot area. 

Bullish outlook:
- Even though it would be premature to call this rebound a bullish continuation attempt, it is reasonable to anticipate this scenario by looking for more confirmation.
- The daily chart already gives us a couple: 1) price is still making higher highs and higher lows, so the bullish trend is intact. 2) The RSI is bouncing off the oversold levels. This could be a sign that the bearish correction cycle is over. 
- I think if price pushes above the resistance levels noted above, as well as establish support around 0.86, then, we can have more confidence of the bullish continuation scenario.

EUR/GBP Daily Chart 11/22

(click to enlarge)