Yesterday, the EURGBP failed on its a break below its 100 day moving average and pushed higher. The late New York afternoon session, the price moved back above its 100 hour moving average and moved toward resistance near 0.8550 to 0.85524. The 200 day moving average was also in play at 0.85548 (see post here), but sellers leaned and kept a lid on the pair.
Today, the price rotated lower to test the 200 hour MA in the Asian and London session, with sellers continuing to hold resistance against the ceiling resistance.
The last 5 hours has seen the price crack back below the 200 hour MA at 0.85291 and run to the 100 day MA. The price dipped briefly below but stalled the fall. The price is back down testing the MA level.
What next?
Get below the 100 day MA at 0.8512 with more momentum, should solicit more selling with the low yesterday at 0.85017. Below that, and the swing area from 0.84886 to 0.84969 are targeted.
Hold support and a return to the 200 hour MA at 0.8529 will be eyed.
