Technical Analysis – EURGBP capped by its 200-SMA; bullish bias arises

EURGBP has managed to partially rebound after its long-term downtrend halted at the 20-month low of 0.8402. Although the pair has been gaining ground in the short term, it is currently being held down by its 200-day simple moving average (SMA).

The pair’s positive short-term trend is likely to strengthen as the immediate bias looks bullish as well, with the momentum indicators further reinforcing this view. The MACD histogram is above both zero and its red signal line, while the RSI is flatlining near the 70-overbought area.

Should the price continue its ascent, the first resistance barrier might be met at the 0.8615 level. If the bulls manage to push the price even higher, the next obstacle might be the 0.8670 region that rejected price advances both in May and July. Higher up, the next hurdle for buyers could be the eight-month high of 0.8715.

Alternatively, should the selling pressure intensify, the initial hurdle might be found at the 0.8500 psychological mark, which has provided support several times in recent months. If sellers manage to conquer this barricade, then the next challenge could be the 0.8448 level. Failing to find support in the aforementioned level, the bears might target the 20-month low of 0.8402.

Overall, EURGBP has been trending downwards since early May. While the pair has bounced back lately, a clear move above 0.8670 is needed to turn the medium-term picture back to positive.

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