EUR/GBP technical analysis: Holds comfortably above 200-DMA/50% Fibo. confluence region, all set to climb further


   •  The EUR/GBP cross built on its strong bullish momentum witnessed over the past few weeks and rallied to over three-month tops on Wednesday, levels beyond the 0.8800 handle.

   •  After the overnight turnaround from multi-day lows, a sustained move beyond 200-day SMA was seen as a key trigger for bullish traders and fueling the ongoing positive momentum.

The mentioned resistance coincides with 50% Fibonacci retracement level of the 0.9119-0.8471 downfall and should now act as a key pivotal point for the pair's near-term trajectory. Given that the cross has found acceptance above the mentioned confluence region, Wednesday’s up-move marks a fresh near-term bullish break out amid mounting Brexit/UK political uncertainty.

Meanwhile, technical indicators on 4-hourly/daily charts have started moving into overbought territory and warrant some near-term consolidation before traders start positioning for the next leg of an appreciating move. The cross now seems all set to aim towards testing 61.8% Fibo. level, around the 0.8855-60 region, before eventually darting to reclaiming the 0.8900 handle.

EUR/GBP daily chart

EUR/GBP

Overview
Today last price 0.8823
Today Daily Change 0.0039
Today Daily Change % 0.44
Today daily open 0.8784
 
Trends
Daily SMA20 0.8647
Daily SMA50 0.8617
Daily SMA100 0.8687
Daily SMA200 0.8794
Levels
Previous Daily High 0.8792
Previous Daily Low 0.8724
Previous Weekly High 0.878
Previous Weekly Low 0.8622
Previous Monthly High 0.8685
Previous Monthly Low 0.8502
Daily Fibonacci 38.2% 0.8766
Daily Fibonacci 61.8% 0.875
Daily Pivot Point S1 0.8742
Daily Pivot Point S2 0.87
Daily Pivot Point S3 0.8675
Daily Pivot Point R1 0.8809
Daily Pivot Point R2 0.8834
Daily Pivot Point R3 0.8876

 

 

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