EUR/GBP finds acceptance above the 20/50-day EMAs and 0.8800.
The January 13 daily high at 0.8897 will be the bull’s next target if the EUR/GBP achieves a daily close above 0.8800.
The EUR/GBP hit a five-day new high at 0.8846, as positive Eurozone data outweighed bad UK PMIs, which reignited recessionary fears amongst Britons. Therefore, the EUR/GBP exchanges hands at 0.8823, above its opening price by more than 0.50%.
EUR/GBP Price Analysis: Technical outlook
After bottoming around 0.8721 last Thursday, the EUR/GBP achieved three straight days finishing with gains. In addition, the EUR/GBP climbed above the 50 and 20-day Exponential Moving Averages (EMAs), each at 0.8755 and 0.8792, respectively, opening the door for further upside.
Looking ahead, the EUR/GBP might hold its reins above 0.8800. Once achieved, the EUR/GBP might challenge the January 13 daily high of 0.8897, ahead of the 0.8900 mark. A breach of the latter will send the pair rallying to the September 28 swing high of 0.9066.
As an alternate scenario, the EUR/GBP first support would be the 0.8800 figure. Once broken, the 20-day EMA at 0.8792 would be tested and might allow a bearish continuation towards the 50-day EMA at 0.8755, ahead of a one-month-old upslope support trendline at 0.8740.
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