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8 Sep 2020

EUR/GBP Price Analysis: Bulls cheer the break of 21-day SMA near two-week top

  • EUR/GBP stays well bid near the highest since August 26.
  • A confluence of 50-day SMA, falling trend line from July 27 will question the bulls.
  • MACD turns bullish for the first time in six weeks.

EUR/GBP rises to 0.8992, up 0.18% on a day, during the pre-European session on Tuesday. The Euro cross crossed 21-day SMA during Monday, which in turn helps MACD to flash the most positive since July 29.

However, the pair’s further upside is likely to be challenged by a joint of 50-day SMA and a short-term falling trend line around 0.9010/15.

Given the buyers’ ability to pierce 0.9015 on a daily closing basis, the August 20 peak surrounding 0.9070 will be the next on their radars.

On the flip side, a downside break below the 21-day SMA level of 0.8980 may take rest on 50% Fibonacci retracement of the pair’s April-June upside, around 0.8925.

Though, the pair’s additional weakness will be curbed by 61.8% of Fibonacci retracement near 0.8865.

In addition to the aforementioned technical details, eighth round of Brexit talks in London will also be the key for the EUR/GBP traders to watch.

Read: GBP/USD: Offered below 1.3200 ahead of Brexit showdown

EUR/GBP daily chart

Trend: Bullish

 

Sep 8, 2020

EUR/USD could slip back to the mid-1.1700s – UOB

According to FX Strategists at UOB Group, EUR/USD could drop to the 1.1750 in the next weeks. Key Quotes 24-hour view: “We highlighted yesterday that
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Sep 8, 2020

Forex Today: Hard-Brexit fears pound the Pound, Dollar bid on US-Sino woes

Here is what you need to know on Tuesday, September 8: The US dollar held onto the recent upside, as investors remained bearish on the euro amid dovis
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