EUR/GBP chart - Trading View
Technical Analysis: Bias Bullish
- EUR/GBP was trading largely unchanged at 0.8626 at around 09:40 GMT
- The pair's stellar rise on Tuesday's trade has found stiff resistance at 200-DMA
- Momentum remains bullish on the daily and weekly charts
- Price action has shown a decisive break above 21-week EMA
- Volatility is also high and rising as evidenced by widening Bollinger Bands
Support levels - 0.8585 (110-EMA), 0.8566 (21-EMA), 0.8559 (55-EMA)
Resistance levels - 0.8644 (200-DMA), 0.8680 (55-week EMA), 0.8734 (110-week EMA)
Summary: EUR/GBP's stellar rally on Tuesday's trade is consolidating below 200-DMA resistance. Momentum is with the bulls, scope for further upside on break above 200-DMA. Next major bull target lies at 38.2% Fib at 0.8761.
