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EURGBP builds Bullish momentum

EURGBP builds Bullish momentum

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.

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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).

EURGBP builds Bullish momentum

• 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.

While every effort has been made to ensure that the data quoted and used for the research behind this document is reliable, there is no guarantee that it is correct, and Swissquote Bank and its subsidiaries can accept no liability whatsoever in respect of any errors or omissions, or regarding the accuracy, completeness or reliability of the information contained herein.

This document does not constitute a recommendation to sell and/or buy any financial products and is not to be considered as a solicitation and/or an offer to enter into any transaction. This document is a piece of economic research and is not intended to constitute investment advice, nor to solicit dealing in securities or in any other kind of investments.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ, nor should they be attributed to AtoZMarkets.

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