EURGBP makes some breaks into swing area/trend line resistance

Technical Analysis

Author: Greg Michalowski | eurgbp

New 2018 highs. Above 50%. Above trend line

The EURGBP has made some bullish breaks today with the pair breaking:
 
  • The 2018 high from March at 0.8967
  • The 50% at 0.8963
  • The trendline at 0.8988

The pair has moved up to a cluster of swing highs going back to October and November. Those swing highs come in at 0.90129, 0.90218 and 0.90324. The high price reached 0.90163. We currently trade at 0.9007.

Looking at the 4-hour chart, the pair did also stall near the topside trend line at 0.9014. So there is some reason to stall rise on the daily and 4-hour chart.  A move above and then the Oct/Nov 2017 swing levels. would open the door for more upside potential. 


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