EURGBP takes out levels but needs more momentum
The EURGBP is running higher today. The pair has been waffling up and down over the last 5 trading days. Today, the price broke above its 100 hour moving average of 0.85714 (blue line in the chart above), and has continued to step higher.
That move has now taken the price above:
- A swing area between 0.8597 and 0.85992
- The falling 200-hour moving average of 0.85997
- The 38.2% retracement of the move down from the July 19 high at 0.86036
the high price has reached 0.8606 but has stalled over the last few hours.
The low price over the last few hours has moved back down toward the 0.8597 level, and so far held support. If that level can continue to hold support, the upside potential remains in play. Conversely, if the price moves back below, there could be disappointment on the failed break above the aforementioned levels.
If there is a failure, a rotation back toward the swing high from Friday and yesterday near 0.8589 would be the next target to get to and through on the downside.