EUR/GBP Moves Towards the SMA-50
ByLCMS Traders FX Analysis Team
JUL 22, 2021
EUR/GBP is starting to move lower after hitting a high of 0.8669 during this week. Currently, the pair is trading at 0.8500 which is acting as a strong support area. Other intraday support levels are at 0.8477 and 0.8452. The intraday resistance levels are at 0.8527 and 0.8564.
The current price has moved below the SMA-14 which is at 0.8567. The SMA-50 is indicating support at 0.8586. The pair is keeping above the mid-Bollinger band which is at 0.8574 while the upper and lower bands are at 0.8636 and 0.8512. The RSI is at 50 while the MACD is below the middle line. Following the intraday and 4-hourly price pattern the pair is ideal for sell entries on small rallies using the following levels.
Direction: Sell
Entry: 0.8535
Take Profit: 0.8480
Stop-Loss: 0.8575
Bulls require to breach above the 0.8560 area to gain a higher momentum. Failing to achieve that would strengthen the bears and they would be in a better position to move towards the 0.8420 mark during this week.
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