...the pair is not running
The EURGBP moved above its 200 day MA last week (green line at 0.87839 currently) and has been able to stay above that level over the last 5 trading days.
Although above the MA level, the price action over the last week of trading has been more up and down with a high of 0.89495, and a low of 0.87893.
Looking at the hourly chart, below, you can more clearly see the up and down extremes.
In between the extreme levels, sits the rising 100 hour MA (blue line on the chart below) at 0.88191). The price has moved below that MA yesterday (twice), and again today (once). However, yesterday, the price could not get below the recent lows, and today's break stalled at the trend line connecting recent lows on the hourly chart below.
So sellers are trying to pick the top and reverse the trend, but they are not getting much satisfaction.
It will take a move below the 100 hour MA (blue line in chart below) and trend line (currently at 0.8811 (and moving higher), to give sellers more comfort. That break will in turn, need to see the 200 hour MA at 0.87908, and the 200 day MA at 0.87839, to be broken to increase the bearish potential. Absent those moves, and the buyers are still mostly in control.
SUMMARY: Although sellers are trying to keep a lid on the pair, they have not been able to make much of their downside runs. Nevertheless, with the 100 hour MA catching up to the price in the consolidation perioe, it is forcing both the buyers and sellers to make a play/ to make up their minds.
Does the 100 hour MA hold and the price push above the ceiling, or does the price break the 100 hour MA at 0.88191 (and trend line at 0.8811), and then make another run at the 200 hour and 200 day MA.
Those are the technical levels that the "market" will use going forward. Be aware.
