The EURGBP has been a big mover today
The EURGBP is a big mover today, and has helped to push other EUR pairs like the EURUSD and EURJPY higher in it's wake higher more recently.
Looking at the % changes, the EURGBP snapshot is showing a gain of 0.95% and only trails the EURNZD as the strongest EUR pair. Although the EURUSD is up only 0.06% now, it was much lower just 1 hour ago (in fact at session lows). That pair is now making new session highs.
Looking at the hourly chart above, the pair based at the 200 hour MA at 0.87284 and waffle in the Asian and early London session, but when the price started to extend above the 200 day MA at 0.87354, and then breached the 38.2% at 0.87495, buying beget buying and the price moved higher and higher.
The 50% and 61.8% retracement levels of the April trading range were broken at 0.87709 and 0.87923 respectively. Those are risk defining levels for longs now. Stay above is more positive.
Taking a broader look at the daily chart below, the rise today, although somewhat impressive, is just a small move compared to the recent up and down price action. The pair at the recent lows stalled in a swing area (see red numbered circles) but stayed below the 200 day MA over the last 5-6 days. Today's break was helped by that non-trending price action. The market was ready. It took off. There is room to roam.
The next upside target on the daily is the 50% midpoint of the 2020 trading range.
