EUR/GBP chart - Courtesy Trading View
Technical Analysis: Bias Bullish
- EUR/GBP was trading unchanged at 0.8558 at around 10:00 GMT
- The pair has formed a Doji at 200-DMA resistance, decisive break above required for upside continuation
- MACD support upside, ADX is rising in support of dominant -ve DMI
- Momentum is with the bulls, Stochs and RSI are sharply higher
- Volatility is highs and rising as evidenced by widening Bollinger bands
Data Released:
The data from the UK revealed that the Gross Domestic Product expanded by 0.6% on a monthly basis in September, surpassing the market expectation of 0.4%.
Commenting on the data, UK Finance Minister Rishi Sunak said, “there are challenges ahead of the British economy.”
Support levels - 0.8553 (5-DMA), 0.8517 (50-DMA), 0.8509 (21-EMA)
Resistance levels - 0.8576 (200-DMA), 0.86, 0.8650 (trendline)
Summary: EUR/GBP pivotal at 200-DMA resistance. Watch out for decisive break above for upside continuation.
