EURGBP found support near swing floor area.

The EURGBP has been moving up and down for most of 2024. Last week, the buyers broke higher and in the price extended above the 200-day MA and the 50% of the move down from the December high near 0.8606 area. Momentum last week sent the price to 0.8643 before rotating back to the downside into the week’s close. The price on Friday closed at 0.8557. That was right near the 200 bar MA on the 4-hour chart (lower green line on the chart above).

This week the pair (see 4-hour chart above), started the week near the 200 bar MA on the 4-hour chart. Sellers emerged and pushed the price lower toward a support floor between 0.8520 and 0.8529. The low came in just above that level and started an up-and-down move with an upward tilt.

That rally has now reached the converged 100 and 200 bar MAs on the 4-hour chart at 0.8563. There is some stall against the technical levels as risk can be defined and limited against the dual levels. If the price can get above that levela and the higher 100-day MA at 0.8571, it would increase the bullish bias for the pair. Conversely, stay below, and another run to the low floor area cannot be ruled out.

Which way do you like?

The current level should be a key barometer for both buyers and sellers. .

This article was written by Greg Michalowski at www.forexlive.com.