EURGBP rallied strongly since the November 7 low of 0.8299 to gain over 160 pips to the November 13 high of 0.8462. This high was retested again today and has proven to be a strong resistance level, leading the pair to ease back down, where it is currently finding support at the 21-period moving average. The first support level is at 0.8442 and below this, further support is seen at 0.8432 and 0.8415.
The main driver for the EURGBP pair today will be the UK employment report as well as the Bank of England quarterly inflation report. Any negative news will weigh on the pound and help the EURGBP pair bounce back up towards key resistance at 0.8462.
RSI fell below 70 and has left the overbought territory and is currently at 61. Currently the negative slope of the RSI is signaling some weakness in the prior upward momentum, as the pair has stalled around support 1, at 0.8442.
EURGBP rallied strongly since the November 7 low of 0.8299 to gain over 160 pips to the November 13 high of 0.8462. This high was retested again today and has proven to be a strong resistance level, leading the pair to ease back down, where it is currently finding support at the 21-period moving average. The first support level is at 0.8442 and below this, further support is seen at 0.8432 and 0.8415.
The main driver for the EURGBP pair today will be the UK employment report as well as the Bank of England quarterly inflation report. Any negative news will weigh on the pound and help the EURGBP pair bounce back up towards key resistance at 0.8462.
RSI fell below 70 and has left the overbought territory and is currently at 61. Currently the negative slope of the RSI is signaling some weakness in the prior upward momentum, as the pair has stalled around support 1, at 0.8442.
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