EURGBP moves into swing area and stalling | Forexlive

The EURGBP moved below the 100 hour MA (blue line) yesterday and after a rally higher stalled near the MA, seller reentered and pushed lower. That trend continued today (see hourly chart) with the price first taking out the low from yesterday (at 0.8897) and then continuing the run to the 38.2% of the 2023 trading range at 0.88807, and a swing area between 0.8876 and 0.88844.

The low price did dip to 0.8874, but quickly bounced. The rising 200 hour MA is also in play at 0.8870.

Move below 0.88764 and the 200 hour MA at 0.8870 and the sellers take more control. The 50% at 0.8850 would be the next major target.

Conversely hold here and traders will look toward 0.8897. Not only was it a low during yesterday’s trade, but has also been near swing highs from February 2 and also going back to January 13.