- Analytics
- News and Tools
- Market News
- EUR/GBP Price Analysis: Finds support from two major Moving Averages
EUR/GBP Price Analysis: Finds support from two major Moving Averages
- EUR/GBP has declined to support from a cluster of Moving Averages.
- The pair has reached a pivotal level within a range that has been unfolding since January.
- In the absence of any bullish signs it could continue falling to the range floor as the sideways trend extends.
EUR/GBP has continued falling within a multi-month range that began in January 2024.
The pair has declined to support from two major moving averages – the 50 and 100-day Simple Moving Averages (SMA) – situated at 0.8566-67.
EUR/GBP Daily Chart
The Moving Average Convergence Divergence (MACD) indicator has crossed below its red signal line, providing further bearish evidence suggesting EUR/GBP could continue descending within its range/channel.
Given the bearish tone of the charts, EUR/GBP could now break below the support from the SMAs and continue falling to the range low at circa 0.8540.
There is also a possibility, however, that EUR/GBP could recover from support at the SMAs. If so, it could start rising to the ceiling of the range at 0.8600. At the moment, however, there is no indication from price action that such a bullish short-term reversal is underway.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
