Wednesday, May 22, 2019
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Technical Analysis – EUR/GBP moves slightly higher

EUR/GBP 20/12/18 | EconAlerts

EUR/GBP moves slightly higher, remaining above SMAs.

EUR/GBP has been edging higher since Wednesday’s session, remaining above the strong support level of 0.8940. The technical structure endorses the short-term bullish sentiment as the RSI is heading towards the overbought level and the MACD oscillator created a positive crossover with the trigger line above the zero level. Also, the moving averages are pointing upwards in the daily timeframe.

A further upside run in the price may retest the previous peak of the three-month high of 0.9085 before targeting the one-year high of 0.9100. Above that, investors would be interested to see whether bullish dynamics can overcome the previous peak and meet the 0.9300 psychological level.

Alternatively, a decline in the price may retest the 0.8940 support barrier, which coincides with the 20-simple moving average (SMA), before challenging the 40-SMA around 0.8872 at the time of writing. More downside pressures could send prices until the 0.8810 level, identified by the bottom on November 28.

To conclude, the short-term outlook is bullish, however, in the long-term picture the price lacks direction.


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Disclaimer:
This information is not considered as investment advice or investment recommendation but instead a marketing communication. This material has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.


Source: XM

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