EUR/GBP Price Analysis: Records fresh four-week highs near 0.8460 By christianborjon EURGBP Crosses Technical Analysis
board, losing 0.61% vs. the euro, and 1% against the greenback. At the time of writing, the EUR/GBP is trading at 0.8453.are still on the back foot, trading with losses. The recent China coronavirus outbreak in Shanghai, which extended to Beijing and Mongolia, keeps investors on their toes because, based on China's Covid-19 zero-tolerance, it could trigger another raft of inflation courtesy of supply chain disruptions.
On Tuesday, the EUR/GBP opened around the 0.8400 figure in the Asian session. However, as European traders took over, the GBP weakened, sending the EUR/GBP rallying from 0.8393 to 0.8456.The EUR/GBP remains neutral biased. However, it is trading above the 200-day moving average , which lies at 0.8445, signaling that the bias will shift to neutral-bullish if a daily close above the latter is achieved. A break above 0.8512 would shift the bias to bullish, but solid resistance lies ahead.
With that said, the EUR/GBP's first resistance would be the February 7 daily high at 0.8478. A breach of the latter would expose the 0.8500 figure. Once cleared, the next resistance would be the 1-year-old downslope trendline lying around the 0.8535-50 area.
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