EURGBP Breaks Above the 50 Hour MA
EURGBP rebounds today after five consecutive sessions of losses at 0.9153 after a sequence of dismal economic data from European Union the previous week. European Monetary Union Consumer Price Index (YoY) came in at 1% missing expectations of 1.1% in July. .
On the technical analysis side the bulls are still in control of EURGBP as the pair trades above all major moving averages. The pair registered a huge rally since May bottoming out around 0.8500 and hitting the high of 0.9323 in August 12th. The correction went back to 0.9089 and today breaches the 50 hour moving average that might drive the pair at 0.9203 the 100 hour moving average. On the upside immediate resistance stands at 0.9193 the high from Friday while more offers will emerge at the 0.9227 the 200 hour moving average. On the downside first support stands at 0.9111 today’s low while next barrier is at 0.9041 the lower band of the ascending channel. Investors holding long positions can sit comfortably as long as the pair trades above 0.91. For those looking to sell EURGBP a break below 0.91 could be the signal for a correction down to 0.90 zone.