EURGBP tumbles on Brexit talk hopes

Technical Analysis

Author: Greg Michalowski | eurgbp

EURGBPSD falling below MA lines

EURGBPSD falling below MA lines
As the GBPUSD soars to even higher highs currently, the EURGBP is likewise tumbling lower.
The pair has moved below its 100 day moving average at 0.89764, its 100 hour moving average at 0.89535, and is not testing  - well breakng now - its 200 hour moving average at 0.89209. In between is the 38.2% retracement at 0.89289.

The buyers are turning to sellers on the hopes for a Brexit solution.  

The  next downside target comes in at the 50% retracement at 0.89014 on the hourly chart. 

Taking a broader look on the daily chart, the 50% of the move up from the 2019 low to the 2019 high comes in at 0.88976. (call it 0.8900). That is key level to eye on this downside run.  

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