EUR/GBP outlook: Looks for fresh direction signal
EUR/GBP
EURGBP dips in early Thursday’s trading, after a double upside failure at falling 100DMA (0.8572), the lower boundary of strong resistances at 0.8580 zone (including Fibo 38.2% of 0.8714/0.8498 downtrend and a multiple spike highs).
Sterling regained ground after being deflated by UK CPI data and dovish steer from BoE chief Bailey on Wednesday, though more evidence about near-term direction is still needed, as daily studies are mixed.
Solid support lays at 0.8550 (converged 5/55DMA’s, on track to form a bull-cross) with ability to hold above here to keep near-term bias with bulls for fresh attempt through 0.8580 pivots, which would open way for extension towards next key barriers at 0.8600 zone (50% retracement / 200DMA).
Conversely, loss of 0.8550 handle would weaken near-term structure and risk renewed attacks at key 0.8520/00 support zone.
Res: 0.8572; 0.8604; 0.8620.
Sup: 0.8550; 0.8520; 0.8499.
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.