EURGBP bounces near 200 hour MA and other levels of support

The EUR has seen more weakness vs the GBP over the last few dsys after running higher and peaking on Friday.

From the August 17 low, the EURGBP EUR/GBP The EUR/GBP is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the British pound of the United Kingdom (symbol £, code GBP). The pair’s rate indicates how many British pounds are needed in order to purchase one euro. For example, when the EUR/GBP is trading at 0.7500, it means 1 euro is equivalent to 0.75 British pounds. The euro is the world’s second most traded currency, whilst the British Pound (GBP) is the world’s third most traded cur The EUR/GBP is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the British pound of the United Kingdom (symbol £, code GBP). The pair’s rate indicates how many British pounds are needed in order to purchase one euro. For example, when the EUR/GBP is trading at 0.7500, it means 1 euro is equivalent to 0.75 British pounds. The euro is the world’s second most traded currency, whilst the British Pound (GBP) is the world’s third most traded cur Read this Term moved up 293 pips in 13 days. Since peaking on Friday, the price has moved down 110 of those pips or just short of 38.2% (at 0.85653).

The low reached 0.85659 today before bouncing back to the upside.

That low tested the

• 38.2% at 0.85653
• Rising 200 hour moving average (green line currently at 0.8572) and
• Some swing highs and lows going back to August 30 between 0.8566 and 0.8572 (see yellow area).

Holding the area kept the buyers in play and still in control from a medium term perspective. THe move lower is just a plain vanila variety in what is more of a bullish market for the pair.

What now?

Support is defined.

ON the topside, a move above 0.86036 followed by a move above the 100 hour MA would increase the bullish bias. WIth the 100 hour MA flat, the sellers may look for that MA as resistance. Be aware.