Forex technical analysis: EURGBP "pongs" back down to the 200 day MA

It "pinged" up to the 100 day MA last week.

As the GBPUSD moves higher, and the EURUSD remains down, that translates into a fall in the EURGBP.

Looking at the daily chart above, the pair "pinged" up to the 100 day MA last week and stalled. Today, the pair "ponged" back down to the 200 day MA at 0.8818.

Do the buyers stall the fall here?

Well in addition to the 200 day MA at 0.8818, there is the 50% of the move up from the April 2017 low at 0.88082.

As a result, there is a good shot the buyers lean against those two key levels - with stops below the 50% level. Look for a staling of the fall in this area from traders looking for a bounce against support.