Detailed FX Market Outlook and Analysis

EUR/GBP Daily Analysis

EUR/GBP is currently trading 0.08% higher to 0.8414. The pair has moved above the 0.8400 resistance area following a higher gap opening this week. The intraday resistance levels are at 0.8436 and 0.8461. The near-term support levels are at 0.8394 and 0.8373.

The outlook of the pair is turning slightly bullish with SMA-50 now indicating support near 0.8494. The SMA-14 indicates resistance at 0.8470. The RSI is at 42 and has an upwards curve while the MACD is inching above the middle line. The intraday price pattern is positive, however, the upside also appears limited therefore buying entries can be taken only for small targets. A reasonable by entry is around 0.8410 with a target of 0.8450 and a stop-loss at 0.8370.

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