EUR/GBP technical analysis: Bulls remain in full control, now seems poised to challenge 200-DMA


   •  The EUR/GBP cross continued scaling higher for the tenth consecutive session and is currently placed at near two-month tops, just a few pips below mid-0.8700s.

   •  Renewed concerns over a no-deal Brexit continued taking its toll on the British Pound and had been one of the key factors fueling the ongoing positive momentum.

A sustained move beyond the 0.8675 supply zone and a subsequent acceptance above the 0.8700 handle - marking 38.2% Fibonacci retracement level of the 0.9119-0.8471 downfall, was seen as a key trigger for bullish traders and a follow-through up-move.

Technical indicators on the daily chart hold in the positive territory and support prospects for an extension of the bullish trajectory towards the 0.8785-90 confluence resistance - comprising of 50% Fibo. level and the very important 200-day SMA.

However, oscillators on the 4-hourly chart are already pointing to highly overbought conditions and hence, bulls are likely to take a breather near the mentioned barrier, rather opt to take some profit off the table after a strong rally of around 250-pips over the past two weeks.

EUR/GBP daily chart

EUR/GBP

Overview
Today last price 0.8742
Today Daily Change 0.0008
Today Daily Change % 0.09
Today daily open 0.8734
 
Trends
Daily SMA20 0.863
Daily SMA50 0.8606
Daily SMA100 0.8693
Daily SMA200 0.8796
Levels
Previous Daily High 0.875
Previous Daily Low 0.8714
Previous Weekly High 0.8649
Previous Weekly Low 0.8489
Previous Monthly High 0.8685
Previous Monthly Low 0.8502
Daily Fibonacci 38.2% 0.8737
Daily Fibonacci 61.8% 0.8728
Daily Pivot Point S1 0.8715
Daily Pivot Point S2 0.8696
Daily Pivot Point S3 0.8678
Daily Pivot Point R1 0.8751
Daily Pivot Point R2 0.8769
Daily Pivot Point R3 0.8788

 

 

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