EURGBP spikes to a new session high

Technical Analysis

Author: Greg Michalowski | eurgbp

EURGBP has retraced over 61.8% of the decline since June  29

The EURGBP has continued it's two day run with another spike higher over the last few minutes. The run has now taken the price above its 61.8% of the move down from the June 26 high.  The pair has also crossed above a swing area between 0.9072 to 0.9078.  That area is now risk for traders looking for more upside momentum.   Stay above the 0.90725 keeps the buyers in control.

EURGBP has retraced over 61.8% of the decline since June  29
On the topside, the pair has open road ahead with the next target at 0.91436 swing high from June 30. The high price from June 29 (which is also the highest high going back to March 26) comes in at 0.91747.

Buyers continue to be in control.  Can they keep control by staying above the 61.8% retracement and the swing area at 0.90725-781 area.

What are the EURUSD and GBPUSD doing?

The EURUSD moved to a new session high and in the process is moving closer to the 1.1400 level. A topside channel trend line on the hourly chart below cuts across at 1.14117.

The GBPUSD did fall below the 38.2% and moved quickly to a new low for the day at 1.2479, but has since rebounded back toward the 38.2% at 1.2509. 

GDP data at of the UK disappointed today and that has helped contribute to the pounds weakness at the expensive the EUR. 
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