EUR/GBP is looking to break into 0.8400 after several attempts recently as it gets pulled from pillar to post from EUR/USD acting like it’s got ants in its pants.
EUR/GBP weekly chart 19 11 2013
The 100 wma at 0.8301 has acted as support as have moves towards the Fed trendline at 0.8270. Above, the 200 wma at 0.8464 had played resistance over the last two weeks and with the 55 wma at 0.8446 moving to join the 200 that may add additional resistance to the cross. Further up the Oct 2009 trendline at 0.8622 has done a fair job in capping the big moves albeit with a few fake outs. I’ve been itching to short at 0.8400 but the action has told me to hold off and that may yet be justified. I’ll be in at the 55 and 200 wma’s and all the way up to that October line should we get there. Down below the 100 dma and July line looks enticing for a long.
