200 week MA getting closer and closer and closer....
Mike pointed out the 0.7910 level as a key level in the EURGBP. FXL supporter Ricardo reminds me of another key target - the 200 week MA.
The 200 week MA comes in at 0.7932 on my chart (Bloomberg has it at 0.7934 - could be bid/ask difference. I use the bid). The high price just extended to 0.79264 (bid) and came back off (currently trading at 0.7915). The EURGBP has not closed above the 200 day MA since the week of October 20, 2013. That is a long time ago.
Support now comes in at 0.7874 which is the 50% of the move down from the Feb 2013 high to the July 2015 low (see chart above). That too is a key technical level. The low price today came in at 0.7881.
Lots of key levels for the EURGBP in play. Be aware.
