EUR/GBP – Stuck at confluence of Fibo and 50-DMA level
50-day moving average is seen at 0.8478
38.2% Fibo level of 0.8725 (Aug 16 high) – 0.8334 (Sep 6 low) is seen at 0.8483
Despite pair’s recovery from Sep 6 low of 0.8334, the subsequent failure to take out confluence of resistance noted above around 0.8478-0.8483 suggests the pair could see sideways action with a negative bias.
Failure in European session to take out 0.8483 could set the pair on track towards 5-DMA support of 0.8440.
On the higher side, only a day end close above 0.8483 would signal bearish invalidation.
38.2% Fibo level of 0.8725 (Aug 16 high) – 0.8334 (Sep 6 low) is seen at 0.8483
Despite pair’s recovery from Sep 6 low of 0.8334, the subsequent failure to take out confluence of resistance noted above around 0.8478-0.8483 suggests the pair could see sideways action with a negative bias.
Failure in European session to take out 0.8483 could set the pair on track towards 5-DMA support of 0.8440.
On the higher side, only a day end close above 0.8483 would signal bearish invalidation.
