Detailed FX Market Outlook and Analysis

EUR/GBP Daily Analysis

EUR/GBP is trading on the positive side during this week and is currently trading at 0.8503. The intraday support levels are at 0.8477 and 0.8462. The intraday resistance levels are at 0.8518 and 0.8549.

Monday’s push towards the 0.8500 mark has taken the pair above the SMA-14 which now indicates a support area at 0.8449. The SMA-50 resistance line remains the next hurdle at 0.8520. The pair is also keeping above the mid-Bollinger band which is at 0.8460 while the upper and lower bands are at 0.8521 and 0.8398. So far the intraday price pattern is bullish, however operating cautiously and considering the SMA-50 resistance area the pair is ideal for buy entries only on small dips and smaller targets. A reasonable buy entry would be at 0.8480 with a target of 0.8520 and a stop-loss at 0.8440.

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