EURGBP is so far able to keep a lid on the pair, but will that continue?

The EURGBP has seen up and down price action today within a fairly narrow trading range. The low price stalled near the lows from last Wednesday and again yesterday between 0.8339 at 0.8345. At the high, the price has stalled against its falling 100 hour moving average at 0.83741. There is also a swing area between 0.8366 and 0.8372.

So buyers and sellers are battling against technical levels today.

If the price can move above the 100 hour moving average that is a small victory for the buyers, but they would need to keep the momentum going to the upside. Getting below the 0.8400 – 0.84026 would be a another step in the bullish direction followed by a move above the 200 hour moving average at 0.84119. Above that and the 38.2% retracement of the move down from the July 21 high comes in at 0.84325.

On the downside, break below the 0.8339 – 0.8345 area, and it opens the door for further selling pressure.

/Inflation