Tests 100 hour MA/38.2% retracement
The EURGBP has been moving lower, helped by a weaker EURUSD in trading today. The falll, has taken the price of the EURGBP back below the 200 and 100 day MAsa at 0.88557 and 0.88498 respectively. The last 5 hourly bars has closed below each.
The pair is trading at the session lows as I type and in the process, is moving below the 100 hour MA and the 38.2% retracement of the move up from the Feb 1 low. Those levels come in at 0.88357 and 0.88367 respectively.
The pair moved above the key 100 and 200 day MAs on Monday and tested the levels on Tuesday. Today's fall back below is a disappointment for the buyers and should now keep a lid on the pair against the MAs.
