XM Investment Research Team
XM
EURGBP is currently down from the day’s open after hitting an eight-day high yesterday.
The RSI indicator is hinting to a neutral short-term bias as it is currently at 50.
The 50-day moving-average (MA), currently at 0.8556, is expected to provide resistance to upside moves. Should it fail to hold, the upper Bollinger band at 0.8624 is likely to provide additional resistance. An important mark beyond this level is the January 16 sixteen-week high of 0.8851.
On the downside, the middle Bollinger line (a 20-day MA) at 0.8519 could contest a daily close below it – note that the price is close to this level at the moment. The 200-day MA at 0.8497 comes into view as next immediate support should the price continue to head down. If this fails to hold as well, the lower Bollinger band at 0.8415 and the February 22 ten-week low of 0.8402 could form an additional support area thereafter.
The medium-term outlook is looking neutral at the moment as the price is in between the 50- and 200-day MAs.
Overall, the pair looks neutral in both the short- and medium-term.
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