- EUR / GBP is moving slightly higher on Friday.
- The cross is moving inside an ascending channel with a key resistance level near 0.8640.
- A neutral MACD appears to lean in favor of bullish momentum.
The EUR / GBP cross moves slightly higher at the start of the European session on Friday. The cross opened lower and gained some follow-up traction to touch the intraday high at 0.8629.
At the time of writing, the EUR / GBP is trading at 0.8619, up 0.03% on the day.
On the daily chart, the cross has been racking up gains near the multi-day high in the vicinity of the 0.8640 region. The price witnessed a strong rally from the lows of 0.8560 to Wednesday’s high of 0.8643, thus forming a bullish channel.
If the price manages to climb above the intraday high near 0.8630, then it has the potential to touch the uptrend line of the mentioned channel at 0.8645. This also matches the 20-day simple moving average.
If the price breaks above the 20 SMA, then the bulls would be encouraged to target the horizontal resistance level of 0.8660, followed by the May 6 high of 0.8698.
On the other hand, the MACD indicator is below the midline. A drop in the indicator would prompt sellers to target immediate support at Wednesday’s low of 0.8609.
Further down, the next support would be located near Tuesday’s low at the 0.8580 area. A breakout of the aforementioned level would mark the breakout of the bullish channel, which would seek the next target at the May 12 low of 0.8560.
EUR / GBP daily chart
EUR / GBP additional levels
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