EUR/GBP Price Analysis: Ascends gradually, as bull's eye 0.8750
- EUR/GBP edges higher to 0.8724, marking a slight 0.08% increase, as it sustains momentum above the 200-day moving average.
- The pair's advance slows, indicated by a lower Average True Range, pointing to decreased market volatility.
- The next bullish milestones are set at the recent peak of 0.8754 and the psychological 0.8800 level, while a dip below 0.8700 could challenge the 200-DMA support.
The EUR/GBP rallies for the fourth straight day in the mid-North American session, gains a minimal 0.08%, trading at 0.8724 after hitting a daily low of 0.8693.
The cross-pair is upward biased once it reclaimed the 200-day moving average (DMA) at 0.8687. Nevertheless, the uptrend appears to have lost some steam, as the Average True Range (ATR) at 37 pips suggests volatility is shrinking.
For a bullish resumption, EUR/GBP buyers must reclaim the October 11 high at 0.8754, followed by the 0.8800 figure. On the other hand, if sellers’ step in and pull the exchange rate below 0.8700, that would open the door to test the 200-DMA at 0.8687, which would exacerbate a drop to the 50-DMA at 0.8653.
EUR/GBP Price Analysis – Daily Chart
EUR/GBP Technical Levels
Author
Christian Borjon Valencia
FXStreet
Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.
