Down and up day
The EURGBP has move back above its 200 hour moving average at 0.9037. The pair moved down below that moving average in the Asian session on its way to a test of the 0.9000 level. That level also was near a high going back to July 9.
On July 13 when the price moved above that level, it was also breaking above the 200 hour moving averages the same time increasing the upside momentum.
The point is, the 0.9000 and 200 hour moving average have been key technical levels of late. Today they are giving traders technical clues as well.
With the price back above, the bias is turned little more to the upside. The next target will be the high for the day at 0.9048 followed by the 38.2% retracement at 0.90525. A move above that and traders will be focused on the midpoint and 50% retracement at 0.90687.
Move back below the 200 hour moving average, and the move to the downside can continue with the focus back again at the 0.9000 level.
Reprinted from forexlive, the copyright all reserved by the original author.
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