50% midpoint at 0.8595
The EURGBP has moved lower in the last hour or so of trading after a move higher earlier in the day. The move lower has returned to the 50% midpoint of the April/May trading range at 0.85952.
The pairs move to the upside had gotten back above the 100 hour MA (it fell below on Monday and raced lower) but momentum could not be sustained. That has turned the buyers back to sellers.
Looking at the range since April 7, the price has generally been waffling between 0.8590 to 0.87187 in up, down, up and down trading. The pair did move below the lower extreme yesterday, and also below the 61.8% at 0.8566, but the rebound today pushed the price back into that wide up and down range. With the price back down to retest the low extreme, will the buyers come in at reestablish the lower extreme after the failed break lower?
Key area. Be aware.