EURGBP bounces higher after push to near two year low stalls

The EURGBP moved to the lowest level since February 2020 yesterday reaching 0.8305. That took out the previous days low at 0.83124 and also moved below a swing area on the hourly chart at 0.83219 to 0.83242 (see green numbered circles). T

The price did bounce off the low, however, and closed marginally above the Wednesday low.

In trading today, the buyers continue to push the price higher with the pair moving above the aforementioned swing area at 0.83242, and also back above the 100 and 200 hour moving averages (blue and green lines).

The price rise in the European and early New York session has now taken the price above another swing area between 0.83675 at 0.83717 and closer to the swing high from earlier this week at 0.83786. The high price has reached 0.8376.

The current price is back below the upper swing area after failing to reach the Tuesday high. That a gives sellers some added confidence with a stop above the Tuesday high. At the least, with the high from Tuesday stalling the rally, the buyers and sellers are battling it out near the resistance level.

Taking a broader look at the daily chart below, the pair is also testing a swing area between 0.8377 and 0.8399. It would now take a move above that area to increase the bullish bias and potentially set the low (at least for now).

Overall, the run to the upside today is more positive for the buyers especially given the move above the 100 and 200 hour moving averages. However, there is still more upside work to do.