The EURGBP builds Bullish Momentum and as we know, the market has been in an uptrend for some time, and the pullbacks continue in buying opportunities.
23 November, Swissquote – The EUR/GBP pair has been choppy during the trading session on Wednesday, as we continue to see the market tried to turn around to the upside. Ultimately, I believe that pullbacks offer buying opportunities, and the 0.88 level underneath is massively supportive on the longer-term charts.
Remember, most of what is driving this pair will be headlines coming out of both London and the European Union, circling around the idea of the breakaway of the United Kingdom from the European Union.
EURGBP builds Bullish Momentum
• EUR/GBP has broken rising trendline, yet technical structure suggests further short-term bullish momentum. Hourly support is given at a distance at 0.8733 (01/11/2017 low). Next resistance is located at 0.9014 (27/10/2017 high).
• In the long-term, the pair has largely recovered from recent lows in 2015. The technical structure suggests a growing upside momentum. The pair is trading above from its 200 DMA. Strong resistance can be found at 0.9500 (psychological level).
This article ‘ EURGBP builds Bullish momentum ‘ was written by Yann Quelenn, Market Analyst at Swissquote.
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