TECHNICAL ANALYSIS

EURGBP is trading between key support and key resistance


Support at 0.8862 zone below and 200 days MA above at 0.89216

The EURGBP has a trading range with a low at 0.88605 and 0.8918 at a high.

Support at 0.8862 zone below and 200 days MA above at 0.89216

At its lowest, the pair tested a swing zone between 0.8862 and 0.88788. Also in this area is the 50% retracement of the trading range since December 2019.

At the high, the pair tested the 200-day MA (green line) at 0.89216 (remember the high reached just below this level at 0.8918).

So for the day, key support was tested and blocked the downside at 0.8862, and key resistance at 0.89216 blocked the move up.

The price is currently trading at 0.89138 – closer to the daily high and 200 day MA. The seller can continue to press against the moving average level, but likely with a stop if the price starts to trade more comfortably above the 0.89218 level.

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