Detailed FX Market Outlook and Analysis

EUR/GBP Daily Analysis

EUR/GBP has gained 0.50% so far on the first day of the new week and is currently trading at 0.8465. The intraday support levels are at 0.8433 and 0.8416. The near-term resistance areas are at 0.8478 and 0.8500.

On the intraday charts, the current price is now keeping above the mid-Bollinger band which is at 0.8459 while the upper and lower bands are at 0.8519 and 0.8398. The SMA-14 is indicating support at 0.84440 and the SMA-50 resistance line is at 0.8522. The RSI has risen to 48 while the MACD is still below the middle line. The current price is near a stiff resistance and the bulls have earlier failed several times from closing above the level. Considering the bullish momentum, a buy entry is ideal using at or near 0.8485 under the condition that the pair closes above the 0.8480 mark on the 4-hourly chart. The target for this trade will be 0.8435 with a stop-loss at 0.8430.

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