Technical Analysis

EURGBP falls to lowest level since June

Tests lower trend line on the hourly

The EURGBP has moved to a new session lows and trades at the lowest level since June 25th.

The run today, has taken the price below the 200 day MA (in the Asian session/early European session) at 0.8836. That got the ball rolling. 

The low just extended to a low at 0.87825.  A lower trend line on the hourly chart above comes in at 0.8783.  Some dip buyers leaned as the London traders look to exit for the weekend. A move below that level will likely lead to the dip buyers, turning to sellers. 

Looking at the daily chart, the EURGBP can be very choppy. However since the September 21 high, at 0.8994, the price has fallen 2.4%.   As mentioned the 200 day MA was broken at 0.8836 and the 61.8% at 0.88027 has also been breached. Both are risk levels now for shorts. Stay below keeps the tilt to the bearish side. 

ForexLive

Articles You May Like

The Ultimate Forex Trading Course Testimonial
Oil Prices Drop on Potential OPEC Disappointment, CAD Extends Losses – US Market Open
Pound steadies ahead of UK services PMI print at the bottom of the hour
ETF Flows Reveal Investors Reduced S&P 500, Dow Exposure After G20
USD/JPY remains heavily offered below 113.00 handle, struggles near session lows

Leave a Reply

Your email address will not be published. Required fields are marked *