Market Analysis: EUR/GBP Gains Strength
Market Analysis: EUR/GBP Gains Strength
EUR/GBP is gaining pace and might extend its rally above the 0.8570 zone.
Important Takeaways for EUR/GBP Analysis Today
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a fresh increase from the 0.8500 zone. The Euro traded above the 0.8530 level to move into a positive zone against the British Pound.
The EUR/GBP chart suggests that the pair settled above the 50-hour simple moving average and 0.8535. It traded as high as 0.8570 before there was a downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the 0.8498 swing low to the 0.8570 high.
Immediate support sits near a major bullish trend line at 0.8550. The next major support is near the 50% Fib retracement level of the upward move from the 0.8498 swing low to the 0.8570 high at 0.8535.
A downside break below the 0.8535 support might call for more downsides. In the stated case, the pair could drop toward the 0.8515 support level. Any more losses might send the pair toward the 0.8500 level in the near term.
Immediate resistance is near 0.8555. The next major resistance for the bulls is near the 0.8570 zone. A close above the 0.8570 level might accelerate gains.
In the stated case, the bulls may perhaps aim for a test of 0.8620. Any more gains might send the pair toward the 0.8700 level in the coming days.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
EUR/GBP is gaining pace and might extend its rally above the 0.8570 zone.
Important Takeaways for EUR/GBP Analysis Today
- EUR/GBP started a fresh increase above the 0.8535 resistance zone.
- There is a major bullish trend line forming with support near 0.8550 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a fresh increase from the 0.8500 zone. The Euro traded above the 0.8530 level to move into a positive zone against the British Pound.
The EUR/GBP chart suggests that the pair settled above the 50-hour simple moving average and 0.8535. It traded as high as 0.8570 before there was a downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the 0.8498 swing low to the 0.8570 high.
Immediate support sits near a major bullish trend line at 0.8550. The next major support is near the 50% Fib retracement level of the upward move from the 0.8498 swing low to the 0.8570 high at 0.8535.
A downside break below the 0.8535 support might call for more downsides. In the stated case, the pair could drop toward the 0.8515 support level. Any more losses might send the pair toward the 0.8500 level in the near term.
Immediate resistance is near 0.8555. The next major resistance for the bulls is near the 0.8570 zone. A close above the 0.8570 level might accelerate gains.
In the stated case, the bulls may perhaps aim for a test of 0.8620. Any more gains might send the pair toward the 0.8700 level in the coming days.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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