Detailed FX Market Outlook and Analysis

EUR/GBP Daily Analysis

The ongoing weakness in the GBP finally helped the EUR/GBP bulls to close above the 0.8500 mark yesterday. Currently, the pair is trading at 0.8559 with immediate support levels at 0.8533 and 0.8512. The intraday resistance levels are at 0.8579 and 0.8594.

On the intraday charts, the pair has now moved above the moving averages. The SMA-14 is indicating support at 0.8465 and the SMA-50 support line is at 0.8520. The RSI is has moved to the neutral zone while the MACD remains below the middle line. The bulls are now eyeing a move towards the 0.8600 mark which makes the pair ideal for buy entries on small dips towards 0.8530. The target for this trade will be 0.8580 with a stop-loss at 0.8490.

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