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Chart - Courtesy Trading View
Spot Analysis:
EUR/GBP was trading 0.08% lower on the day at 0.8418 at around 05:30 GMT
Previous Week's High/ Low: 0.8414/ 0.8265
Previous Session's High/ Low: 0.8460/ 0.8382
Fundamental Overview:
Traders remains wary amid mixed sentiment relating to the Russia-Ukraine crisis, as well as China’s covid woes.
UK pushed back the Brexit border checks for the fourth time after the historical move, adding to the bearish bias in the pair.
Hawkish expectations from ECB policymakers compared to their BOE counterparts keeps downside cushioned.
Focus on Eurozone and Germany Q1 2022 GDP figures due to be released later in the EU session.
Technical Analysis:
- EUR/GBP struggles at 200-DMA resistance, decisive break above required for upside continuation
- Momentum is bullish and volatility is high
- Price action is above 200-DMA and GMMA indicator shows intraday trend has turned neutral
- ADX and MACD support upside in the pair. 5-DMA is sharply higher
Major Support and Resistance Levels:
Support - 0.8391 (110-EMA), Resistance - 0.8442 (200-DMA)
Summary: EUR/GBP pivotal at 200-DMA resistance. Watch for decisive break above for upside continuation.
