EURGBP runs up to a swing area resistance and backs off

While the EURUSD does its laps up and down, so too has the EURGBP.

Looking at its hourly chart, the initial moved to the downside did temporarily breach the 100 and 200 hour moving averages at 0.85435 and 0.85344 respectively. The low price reached 0.8531 which was also within a swing area between 0.8525 and 0.8534 (see green numbered circles).

The subsequent move to the upside saw the price move back above the aforementioned moving averages and raced up to a higher swing area between 0.85868 and 0.85927. Sellers leaned in that area and have since forced the price back down (following the EURUSD in the process).

The price now back down testing the moving averages. The low price just reached 0.8534 right on the 200 hour moving average (as I type). A move below that moving average should open the door for further selling, although price action remains very volatile.

Meanwhile over in the EURUSD, the pair just broke back below its 200 and 100 hour moving averages at 1.07159 it 1.07086 respectively. The sellers are back in more control from a technical perspective, but like the EURGBP, volatile conditions continue to push the price up and down in the EUR complex as traders react to the ECB decision and comments from Lagarde.