EUR/GBP Grinds Sideways at 0.8710 — Support at 0.8640 Key, Bulls Loading for Push to 0.8780
EURGBP is consolidating in a narrow range between 0.87496 and 0.87096 for the past three days. As long as support 0.8640 holds, intraday bias is bullish. Currently trading at 0.87098, it reached an intraday high of 0.870…
EURGBP is consolidating in a narrow range between 0.87496 and 0.87096 for the past three days. As long as support 0.8640 holds, intraday bias is bullish. Currently trading at 0.87098, it reached an intraday high of 0.87098.
Technical Analysis
The pair is currently trading above 55 and 200- EMA and 365-EMA on the 4-hour chart.
Bearish Trend Confirmation: Any break below 0.8690 confirms an intraday bearish trend. A drop to 0.8640/0.8600/0.8540 is likely.
Near-Term Resistance: The near -term resistance is around 0.8750. Any violation above will take the pair to 0.8780/0.8825/0.8865/0.8900/0.8950.
Indicator Analysis (4-hour chart)
CCI (50): Bearish
Average Directional Movement Index: Neutral
Trading Recommendation
It is good to buy on dips around 0.8678-80 with SL around 0.8630 for a TP of 0.8780/0.8800.
