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EURGBP has traded in a narrow range between 0.86447 and 0.87435 for the past two weeks. As long as support 0.8645 holds, intraday bias is bullish. Currently trading at 0.87014, it reached an intraday high of 0.87015.
Technical Analysis
The pair is currently trading below 55 and 200- EMA and 365-EMA on the 4-hour chart.
Bearish Trend Confirmation: Any break below 0.8640 confirms an intraday bearish trend. A drop to 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): Bullish
Average Directional Movement Index: Bullish
Trading Recommendation
It is good to buy on dips around 0.8678-80 with SL around 0.8640 for a TP of 0.8800.
