Weak data from the UK and the EU left traders undecided on which direction to take.
The EUR/GBP daily chart depicts the pair as upward biased, but the 4-hour illustrates the cross might correct towards 0.8550 before resuming the uptrend.advances during the day, though retraced from near two-week highs around 0.8678 on Friday, amidst an upbeat market mood that triggered support for risk-sensitive currencies in the FX space, the British pound one of them. At 0.8621, the EUR/GBP is trading in the green by just 0.19%.
A volatile session characterized EUR/GBP Friday’s price action. Weaker than expected, UK’s factory data lifted the cross-currency. Nevertheless, it began to pare its losses of late after hotEUR/GBP Daily chart The EUR/GBP daily chart depicts the pair as neutral-upward biased. Traders should note how the Relative Strength Index stayed steady between 50 and 70 since May, while the EUR/GBP rallied from 0.8250 to the YTD high above 0.8700. Therefore, the EUR/GBP might extend its rally in the near term and even challenge the YTD high above 0.8700, but a break above 0.8678 is needed. On the other hand, if EUR/GBP sellers plunge prices below 0.8550, that could pave the way to the 200-day EMA at 0.8442.
Therefore, the EUR/GBP’s first support would be the 50-EMA at 0.8609. Break below would expose the 100-EMA at 0.8592, followed by the June 30 swing low at 0.8551.
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