The EURGBP moved up on Friday and opened near the closing level from Friday before rising to session highs and into a swing area between 0.5868 and 0.85927. The high price reached between those levels at 0.85887, and rotated back to the downside.
The move lower in the early US session has moved below the 100 hour moving average at 0.85392, but above the rising trend line at 0.8528 and the 200 hour moving average at 0.85229.
With the move to the downside, the price has positioned itself into the neutral territory (see lower yellow area) between 0.8522 and 0.85435 ahead of the vote of confidence which will take place between 1 PM ET and 3 PM ET with the decision rendered by 4 PM ET. The current price is trading at 0.85304.
A move back above the 100 hour moving average and the 0.8543 level, would tilt the bias more in the direction of the buyers once again. Traders will look back toward the 0.8586 to 0.85927 area as the next major target.
Conversely a move below the 200 hour moving average at 0.85229, would open the downside for further momentum. The low price from Thursday reached 0.5095. Below that, a swing area between 0.8492 and 0.84946 would be the next targeted level.
