EURGBP trading higher on weak Pound sterling. Intraday bias remains bullish as long as support 0.8350 holds. It hits a high of 0.84045 and is currently trading around 0.83914.
The pound sterling was one of the worst performers the previous week after dovish comments from BOE Governor Bailey.
German’s Industrial Production came at 2.9% in Sep, above market expectations of 0.80%.
Technicals-
The pair is trading below 34- and above 55 EMA in the 4-hour chart.
Any sustained break above 0.8435 confirms a bullish continuation. A jump to 0.84635/0.85020 (200-day EMA)/0.85515. (161.8% fib retracement)/ 0.8264 (Apr 2022 low). The near-term support is around 0.8378, a breach above targets 0.8350/0.8300.
Indicator (4-hour chart)
CCI (50)- Bullish
Average directional movement Index - Neutral
It is good to buy above 0.8435 with SL around 0.8400 for a TP of 0.8500.
