The EURGBP has moved once again, above its 100 hour MA today.
Recall from last week, and on Monday too, the price of the EURGBP moved above its 100 hour moving average. On Friday it moved above on Monday back above. Yesterday the 100 hour moving average stalled the rally off the low. Today, the pair is breaking above the moving average once again at 0.8343.
Dip buyers, and buyers off the break above the moving average have so far not been successful. This is another shot. However, there is more work to do.
The 200 hour moving average (green line in the chart above) comes in at 0.83566. The last time the price was above the 200 hour moving average was back on December 21. Since and the price has trended to the downside.
Admittedly, the last six or so days has seen more up and down price action. There still are lower highs since last Thursday’s high, but helping the bias as well is that the price low today was above yesterday’s price low, and the pair not only moved above the 100 hour moving average but also above a swing area between 0.8331 and 0.83337. Stay above those levels, and the buyers have more hope. However,, there is still more work to do.
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