EUR/GBP Technical Analysis: Now looking to build on the momentum beyond 200-day SMA

Haresh Menghani FXStreet

• The cross, over the past two weeks or so, has been trending higher along a short-term ascending trend-line and is now looking to build on the momentum further beyond the very important 200-day SMA.

• Renewed Brexit uncertainties overshadowed Italian budgetary concerns and seemed to be one of the key factors behind the British Pound's relative underperformance against its European counterpart.

• Given that the cross remains well above key intraday important moving averages - 50, 100 & 200-hour SMA, the positive momentum seems more likely to gather steam amid empty economic docket.

• Meanwhile, bullish technical indicators on hourly charts further support prospects for additional gains, though are yet to catch up with the positive moment on the daily chart and thus, warrant some caution.

EUR/GBP 1-hourly chart

EUR/GBP

Overview:
    Last Price: 0.8843
    Daily change: 31 pips
    Daily change: 0.352%
    Daily Open: 0.8812
Trends:
    Daily SMA20: 0.8832
    Daily SMA50: 0.8908
    Daily SMA100: 0.8879
    Daily SMA200: 0.8837
Levels:
    Daily High: 0.8836
    Daily Low: 0.8776
    Weekly High: 0.8836
    Weekly Low: 0.8753
    Monthly High: 0.9054
    Monthly Low: 0.8848
    Daily Fibonacci 38.2%: 0.8813
    Daily Fibonacci 61.8%: 0.8799
    Daily Pivot Point S1: 0.878
    Daily Pivot Point S2: 0.8748
    Daily Pivot Point S3: 0.872
    Daily Pivot Point R1: 0.884
    Daily Pivot Point R2: 0.8868
    Daily Pivot Point R3: 0.89

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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