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EUR/GBP prints a new six-day high at around 0.8580, confluence with the 50-day SMA.
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Key resistance levels to watch include the 0.8600 figure, the August 14 high at 0.8632, and the August 11 daily high at 0.8669.
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On the downside, if EUR/GBP drops below the 200-hour MA at 0.8553, it could target the YTD low at 0.8492.
EUR/GBP resumes its uptrend and hits a six-day high, with buyers set to challenge higher prices after weaker economic data from the UK hurt the Pound Sterling (GBP) prospects. At the time of writing, the pair is exchanging hands at 0.8579, gains 0.52%.
EUR/GBP Price Analysis: Technical outlook
From a daily chart perspective, the cross remains neutral to bearish bias, but recent economic data from the UK has changed the flow and favors the Euro (EUR). Today’s price action witnessed EUR/GBP printing a fresh six-day high at around 0.8580, which is in line with the 50-day Simple Moving Average (SMA). A break above would reveal the 0.8600 figure, followed by a month-to-date (MTD) high of 0.8669.
In the short term, the pair is set to close the week in an upbeat mode, as the pair will end Thursday’s session at a weekly high. If EUR/GBP decisively breaks 0.8600, key resistance rises to the August 14 high of 0.8632, followed by the August 11 daily high of 0.8669. The next stop will be 0.8700. Conversely, if the cross breaks below the 200-hour MA (HMA) at 0.8553, Thursday’s low at 0.8534 is up for grabs, followed by the YTD low at 0.8492.
EUR/GBP Price Action – Hourly chart
EUR/GBP
