- EUR / GBP is moving higher in the European session on Friday.
- However, the bulls remain defensive near the 0.8720 region.
- A positive MACD points to higher gains to the upside.
The EUR / GBP cross extends Thursday’s gains and is racking up solid gains during Friday’s European session.
At the time of writing, the EUR / GBP is trading at 0.8702, up 0.27% on the day.
On the 4-hour chart, the cross has been moving near the 0.8720 area. A break of this level will further reinforce the uptrend of the cross. Looking up, the first resistance appears near the February 15 highs at 0.8740, and then near the horizontal resistance zone at 0.8790.
The MACD indicator is moving above the midline, reaffirming that the bullish momentum will continue for the near future. So prices would be ready to target the February high near 0.8845.
On the other hand, if prices move lower, the first support would be near the 20 hourly simple moving average at 0.8680. Subsequently, it could target the 23.6% Fibonacci retracement near 0.8650. In the absence of a bullish trigger, the price will surely move towards a horizontal support area at 0.8630.
EUR / GBP 4-hour chart
EUR / GBP technical levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
