EURGBP settles between 100/200 hour MAs

The EURGBP EUR/GBP The EUR/GBP is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the British pound of the United Kingdom (symbol £, code GBP). The pair’s rate indicates how many British pounds are needed in order to purchase one euro. For example, when the EUR/GBP is trading at 0.7500, it means 1 euro is equivalent to 0.75 British pounds. The euro is the world’s second most traded currency, whilst the British Pound (GBP) is the world’s third most traded cur The EUR/GBP is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the British pound of the United Kingdom (symbol £, code GBP). The pair’s rate indicates how many British pounds are needed in order to purchase one euro. For example, when the EUR/GBP is trading at 0.7500, it means 1 euro is equivalent to 0.75 British pounds. The euro is the world’s second most traded currency, whilst the British Pound (GBP) is the world’s third most traded cur Read this Term has moved marginally higher today, but in the process has moved back above its 100 hour moving average currently at 0.82862.

The pair initially broke above that moving average but found willing sellers against a swing area between 0.82936 and 0.82987. The price of the EURGBP moved back to the downside and below the 100 hour moving average, but based near lows from yesterday afternoon and earlier today near 0.8278.

The subsequent move back to the upside broke above the 100 hour moving average, the aforementioned swing area up to 0.82987, and up to the 200 hour moving average (green line) near 0.8313. That 200 hour moving average stalled the rise, and the price has since rotated back toward the swing area.

Needless to say there is ups and downs, but there is also some positive technical developments (based against swing lows, moved above the 100 hour moving average).

However getting above the 200 hour moving average is still a requirement if the buyers are to be taken more seriously (and assume more short-term control).

Absent that, and a rotation back down below the 100 hour moving average and the 0.8278 level would have traders looking back toward the extreme lows for the month of April at 0.8259 and 0.8249.