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Technical Analysis – EURGBP sellers attempt to dominate latest rally
EURGBP spiked just shy of the resistance section of 0.8713-0.8742, struggling also to defeat the 0.8700 handle as sellers coerced the pair lower. The demeanours of the simple moving averages (SMAs) are shielding the positive structure and the forthcoming bullish crossover between the 200- and 100-period SMAs could bolster this outlook.
The flattening Ichimoku lines are indicating a loss of bullish momentum, while the short-term oscillators point to weakened positive impetus, and are suggesting a slight price pullback. The MACD, far above zero, is currently being capped by the red trigger line, while the dwindled RSI, is in the bullish region and is bouncing ahead of the 50 threshold. The stochastic oscillator turned negative ahead of the 80 level and its %K line broke below a supportive line.
Should the pair slip underneath the supporting Ichimoku lines from 0.8675 to 0.8665, sellers may encounter tough downside constraints from the region of 0.8620-0.8645. The lower frontier of 0.8620, which intersects with the cloud’s upper surface and the ascending line, drawn from the 0.8471 low, could prove to be a vital zone of support. Should this key area fail to dismiss a deeper retracement, a cluster of limiting obstacles from the 200-period SMA at 0.8590 until the 0.8581 border could draw traders’ attention. Yet, sinking decisively beneath the cloud, the next support may arise in the vicinity of 0.8533-0.8556.
Otherwise, if buyers find positive traction off the Ichimoku lines, initial upside deterrence may emanate from the 0.8700 hurdle and the subsequent 0.8713-0.8742 buffer zone overhead. Overstepping the latter may boost confidence in the pair, propelling the price towards the 0.8791-0.8804 barrier.
Concluding, EURGBP’s bias remains skewed to the upside as long as the pair persists above the 0.8620-0.8645 boundary.