Technical analysis

EURGBP Analysis

The EURGBP pair is in an uptrend on the daily since the 17th of April and the low created at 0.86203. The price has eked out higher highs and lows and advanced to Monday’s high at 0.89000. A break above this area could change the playing field and try to advance the chart to the 0.90000 area. This would require a turn back higher from current levels and a confirmed break of trend line resistance at 0.88873. There is light resistance at 0.88743 also with the March high at 0.89674.

Support for the pair can be found at the 0.88000 area followed by the moving average cluster around 0.87950. A break under this zone could see price wallow under 0.88000 for a further considerable period. But it should be noted that the 50 and 100 DMAs are crossing above the 200 DMA creating a Golden cross and potential pointing to higher prices. If this is disregarded by markets the swing low at 0.87162 becomes a crucial area of support if a deeper selloff to lower levels is to be avoided.

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