EURGBP moves into swing area and stalling

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 below the 100 hour MA (blue line) yesterday and after a rally higher stalled near the MA, seller reentered and pushed lower. That trend continued today (see hourly chart) with the price first taking out the low from yesterday (at 0.8897) and then continuing the run to the 38.2% of the 2023 trading range at 0.88807, and a swing area between 0.8876 and 0.88844.

The low price did dip to 0.8874, but quickly bounced. The rising 200 hour MA is also in play at 0.8870.

Move below 0.88764 and the 200 hour MA at 0.8870 and the sellers take more control. The 50% at 0.8850 would be the next major target.

Conversely hold here and traders will look toward 0.8897. Not only was it a low during yesterday's trade, but has also been near swing highs from February 2 and also going back to January 13.