EURGBP stays above the 50% of the of the range since September 2020 high

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 moved above the 50% of the move down from the September 2020 high to the March 2022 low. The 50% level comes in at 0.87465. The low today reached 0.87465 right at that level. Traders look at the 50% as a barometer for buyers winning or sellers winning. The buyers are so far winning the price is at 0.8766 currently.

Looking at the hourly chart below, the high price today did take out the high price from Friday. Friday's high price reached 0.87837. The high price today reached 0.87868. The buyers had their shot, and they missed.

So there is a little bit of resistance above and support below off the daily price action that is giving buyers and sellers an option with risk defining levels. Overall, the buyers are holding the better hand, but sellers can lean against the old high and put a stop above the level if the price should go higher.

On a move below the 50% level as 0.87465, would have traders eyeing the rising 100/200 hour MAs. That 100 hour MA comes in at 0.8709. The 200 hour MA comes in at 0.8693. Both are moving higher. The pair moved below both those MA on the corrective move lower last Wednesday, but once the price moved above both on Thursday, the traders used the 100 hour MA as a launch point to the upside.

This week the Bank of England Bank of England The Bank of England (BoE) functions as the United Kingdom’s central bank and is one of the key drivers of monetary policy in Europe. As one of the world’s oldest central banks and established in 1694, the BoE is owned by the British government. Its central mandate involves maintaining and targeting interest rates while using other tools to help either stimulate or contract the economy. Moreover, the BoE is responsible for producing the UK’s bank notes as well as supervising key bank payment sy The Bank of England (BoE) functions as the United Kingdom’s central bank and is one of the key drivers of monetary policy in Europe. As one of the world’s oldest central banks and established in 1694, the BoE is owned by the British government. Its central mandate involves maintaining and targeting interest rates while using other tools to help either stimulate or contract the economy. Moreover, the BoE is responsible for producing the UK’s bank notes as well as supervising key bank payment sy Read this Term is expected to to raise rates by 50 basis points sentiment was for a potential 75 basis point hike until the retail sales last week sent those chances lower.