EURGBP: The resistance implied by the 200 day moving average has been broken

Wednesday, October 30, 20130 comments

EUR/GBP has broken the resistance implied by the 200 day moving average and has almost met its short-term upside potential at 0.8589 (the implied target from the double-bottom). The short-term technical structure remains positive as long as the support at 0.8505 (25 October 2013 low) holds. An initial support lies at 0.8539 (intraday low).

The break of the resistance at 0.8471 (23 September 2013 high) indicates an exhaustion of the medium-term bearish momentum. Even though the medium-term declining channel favours a mild bearish bias, a rise towards the resistance at 0.8652 is now favoured.
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