EURGBP approaches the 200 day moving average

Technical Analysis

Author: Greg Michalowski | eurgbp

200 day moving average at 0.86467

The GBP is the weakest of the major currencies today and that includes the EURGBP which has moved up 1.1% on the day.  

The weakest of the majorsgbp is the

The push higher has seen the price move up toward the 200 day MA at 0.86467. The high price today has reached 0.86402 just six or so pips away from that key moving average level. 

The price has not been above its 200 day moving average since January 12, 2021.  Also on the topside sits a swing high from May and July near the 0.8670 level. 

If the buyers are to keep the momentum going, getting above the 200 day moving average and those swing highs would increase the bullish bias. Absent that and this move to the upside is simply another correction in what is a sideways up and down market since February between 0.8449 and 0.87033 with a more narrow trading range from 0.8449 to 0.86701 since May.

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