- EUR/GBP finds acceptance above the 20/50 day EMA and 0.8800.
- The Jan 13 daily high at 0.8897 will be the next upside target if EUR/GBP achieves a daily close above 0.8800.
The EUR/GBP It hit a fresh five-day high at 0.8846 as positive Eurozone data outweighed weak UK PMIs, which reignited recessionary fears among Brits. Therefore, the EUR/GBP is trading at 0.8823, up 0.50% from its opening price.
EUR/GBP Price Analysis: Technical Perspective
After bottoming out around 0.8721 last Thursday, EUR/GBP managed three consecutive days ending with gains. Furthermore, EUR/GBP broke above the 50 and 20 day EMAs at 0.8755 and 0.8792 respectively, opening the door for further gains.
Looking ahead, EUR/GBP could hold the reins above 0.8800. Once achieved, EUR/GBP could challenge the January 13 daily high at 0.8897, before 0.8900. If the latter is broken, the pair would rally to the September 28 high at 0.9066.
As an alternative scenario, the first support for the EUR/GBP would be 0.8800. Once broken, the 20-day EMA at 0.8792 would be tested and could allow a continuation down towards the 50-day EMA at 0.8755, before a month-old uptrend line of support at 0.8740.
Key EUR/GBP Technical Levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
