- EUR/GBP rebounds from the intraday low on bullish technical reading.
- July bottom a healthy support level beyond the monthly low.
- 9040/45 marks an upside hurdle as a confluence of indicators.
EUR/GBP is down 0.10 Percent ahead of the Tuesday’s European session but is finding buyers near 0.9015.
Bullish MACD is in favour of an up-move, but a falling trend line from July 27 acts as a resistance for the pair’s gain from a five-week-old support line. Also, the bulls have to overcome 0.9040/45 as it is a crucial area formed by the confluence of 200-bar SMA and a falling-wedge bullish formation’s upper line.
Such a price action could push the pair to previous month’s high near 0.9150, easily overcoming the monthly high near 0.9070.
On the flip side, August 11 low near 0.8970 and month’s low of 0.8945 could attract sellers to push the pair to the falling-wedge’s support close to 0.8940.
In that bearish scenario, a daily close below 0.8938 – the previous month’s low would take EUR/GBP to June month’s low near 0.8865.
Currencylive.com is a news site only and not a currency trading platform. Currencylive.com is a site operated by Wise US Inc ("We", "Us"), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of Wise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.
