Market Analysis: EUR/GBP Consolidates Gains
Market Analysis: EUR/GBP Consolidates Gains
EUR/GBP is rising and might climb above the 0.8435 resistance.
Important Takeaways for EUR/GBP Analysis Today
- EUR/GBP is gaining pace and trading above the 0.8400 zone.
- There was a break above a connecting bearish trend line with resistance at 0.8330 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a decent increase from the 0.8320 zone. The Euro traded above the 0.8365 resistance level to enter a positive zone against the British Pound.
The pair settled above the 50-hour simple moving average and 0.8380. The pair traded as high as 0.8434 before there was a downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the 0.8321 swing low to the 0.8435 high.
However, the pair is stable above the 0.8400 support zone. The next major support is near the 50% Fib retracement level of the upward move from the 0.8321 swing low to the 0.8435 high at 0.8380.
A downside break below the 0.8380 support might call for more downsides. In the stated case, the pair could drop toward the 0.8365 support level. Any more losses might call for an extended drop toward the 0.8320 pivot zone.
The EUR/GBP chart suggests that the pair is facing resistance near the 0.8435 zone. A close above the 0.8435 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8480. Any more gains might send the pair toward the 0.8500 level.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
EUR/GBP is rising and might climb above the 0.8435 resistance.
Important Takeaways for EUR/GBP Analysis Today
- EUR/GBP is gaining pace and trading above the 0.8400 zone.
- There was a break above a connecting bearish trend line with resistance at 0.8330 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a decent increase from the 0.8320 zone. The Euro traded above the 0.8365 resistance level to enter a positive zone against the British Pound.
The pair settled above the 50-hour simple moving average and 0.8380. The pair traded as high as 0.8434 before there was a downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the 0.8321 swing low to the 0.8435 high.
However, the pair is stable above the 0.8400 support zone. The next major support is near the 50% Fib retracement level of the upward move from the 0.8321 swing low to the 0.8435 high at 0.8380.
A downside break below the 0.8380 support might call for more downsides. In the stated case, the pair could drop toward the 0.8365 support level. Any more losses might call for an extended drop toward the 0.8320 pivot zone.
The EUR/GBP chart suggests that the pair is facing resistance near the 0.8435 zone. A close above the 0.8435 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8480. Any more gains might send the pair toward the 0.8500 level.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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