On Wednesday, the EUR/GBP cross improves on its modestly positive recovery from a low of more than two weeks.
During the middle of the European session, the momentum drives spot prices to a new weekly high, with bulls now aiming a breach through the 0.8865-0.8875 supply zone.
The British Pound is still doing quite poorly, which, along with a slight increase in the common currency, gives the EUR/GBP cross a boost.
The underlying background supports possibilities for a further near-term appreciating rise in the absence of any meaningful market-moving economic releases, either from the UK or the Eurozone.
Bulls, on the other hand, could hold off on putting new wagers until a sustained advance past the 0.8865-0.8875″ barrier.
In that case, the EUR/GBP cross may seek to return to the psychological level of 0.9000 soon.
|
Daily SMA20 |
0.879 |
|
Daily SMA50 |
0.8715 |
|
Daily SMA100 |
0.8707 |
|
Daily SMA200 |
0.8591 |
