EURGBP runs into some overhead resistance and rolls over

Technical Analysis

Author: Greg Michalowski | eurgbp

Could a high be in place

The EURGBP has reached a swing area that was a ceiling and then floor going back to October to January.  That area comes in at 0.8927 to 0.89437.  The high today reached 0.8932 before backing off.  

Could a high be in place
Drilling to the hourly chart below, the pair moved above the high from yesterday today, but only by a few pips. That was uninspiring for the buyers. The better jobs report from the UK helped the pair run lower too (higher GBP).  

The price is currently below a lower trend line at 0.8911 and below swing highs from June 4 adn June 7 at 0.8901 to 0.8902. Yesterday the pair moved above that level and stayed above.

Admittedly, the price action has taken the pair above and below the 0.8900 area today, but the last hourly bar closed below and we remain below in the current bar.  Be on the look out for the potential that sellers do lean against the area IF the sellers are to take more control in the pair.  

On the downside, the 38.2% of the move up from last week's lows comes in at 0.8889 and then the 100 hour MA at 0.88845.  Those are targets on more weakness

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