EURGBP remains confined in range with a bearish tilt today

Approaches support  at 0.87506 to 0.8752.

Approaches support  at 0.87506 to 0.8752.

The EURGBP is moving lower today as traders push the pair below MAs and the high for the day could not approach the recent ceiling area at 0.87950 (the high price reached 0.87905).

The run to the downside also cracked back below its 200 and 100 hour moving averages. The pair moved above its 200 hour moving average for the 1st time since January 29 yesterday (and failed).  Today it tried again only to run out of steam.

The price is now back down testing swing lows from Wednesday and Thursday (and other swing areas going back to February for February 5) in the 0.8750 to 0.8753 area.  A move below that area would have traders targeting the extreme low from February 5 at 0.87378.

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Categorized as Forex

By Jonathan Prop

Jonathan Prop is an independent financial advisor. He has been working in finance for the last 20 years. After retiring early in his 40s, Jonathan decided to help others get to grip with financial markets, particularly his area of expertise - forex!

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