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The EURGBP fell to the lowest level since December 2022 this week. The run lower moved into a swing area on the daily chart which has done a good job of defining resistance and support going back in time (to as far as 2021). The holding of that level has given buyers some support to lean against. The price for the pair is higher today.
Having said that, drilling into the hourly chart, the price remains below the following 100 hour moving average currently at 0.86176. The 38.2% retracement of the last leg lower is also above at 0.86246. Both those levels would need to be broken if the buyers are to be taken seriously from a technical perspective. Absent that and the sellers remain more control, and the trend remain to the downside
This article was originally published by Forexlive.com. Read the original article here.