Forex technical analysis: EURGBP back above old floor support

The break below 0.7332-37 is at risk

The EURGBP is back above what was an old floor going back to September 28th. That area comes in at 0.7332-37. The price fell below yesterday. Recovered above the level today. Fell back below and is now back above. There could be a shift back higher with the 0.7344 and then 100 hour MA at the 0.7358 the next targets. The 200 hour MA is above those levels at the 0.7384.

With the 0.7344 level so far holding, the buyers still are on the defensive, but traders who are short, will also want to see a break below the 0.7333-37 as well. So battle time for the pair.

Meanwhile the GBPUSD is back below the 100 hour MA (see blue line in the chart below). The pair moved above that MA last Wednesday on the trend move higher. The 100 day MA has been tough to get above over the last few days. So buyers may be showing some frustration in the upside and as a result, they may be lightening up a bit. The 100 hour MA comes in at 1.5464 currently.