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- EUR/GBP Price Analysis: Keeps bounce off 50-DMA around 0.8450
EUR/GBP Price Analysis: Keeps bounce off 50-DMA around 0.8450
- EUR/GBP grinds higher around daily top after reversing from 50-DMA on Wednesday.
- Bullish MACD signals hint at further upside towards 100-DMA.
- Convergence of descending trend line from September, 61.8% Fibonacci retracement becomes key hurdle.
EUR/GBP holds onto the previous day’s recovery moves around 0.8445 as markets brace for crucial weekly data/events during Thursday’s Asian session.
In doing so, the cross-currency pair justifies the latest U-turn from the 50-DMA amid bullish MACD signals.
However, the 100-DMA level surrounding 0.8455 challenges the quote’s further upside, a break of which will direct EUR/GBP buyers towards the 50% Fibonacci retracement (Fibo.) of September 2021 to February 2022 downside, around 0.8470.
Following that, a confluence of the 61.8% Fibo. and a descending resistance line from September 29, near 0.8515, becomes a tough nut to crack for the bulls.
Alternatively, pullback moves remain elusive beyond the 50-DMA level of 0.8417, a break of which will direct the quote towards the November 2021 low of 0.8380.
Should EUR/GBP bears keep reins past-0.8380, the 0.8330 and the 0.8300 levels may test the downside momentum targeting to refresh the multi-day low of 0.8284.
EUR/GBP: Daily chart
Trend: Further upside expected
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