-
EURGBP retreats from 11-year high, tests crucial support area
EURGBP staged a powerful rally over the past month to touch an 11-year high near 0.9500, before retreating somewhat. The price structure still consists of higher highs and higher lows above an upside support line, as well as above the 50- and 200-day simple moving averages (SMAs), implying that the broader outlook remains positive. For that to change, the bears would need to pierce below the upside line and also drive the pair below the 0.9000 handle. Short term oscillators suggest that the latest retreat might continue for now. The RSI crossed below 70 and is pointing lower, while the MACD just crossed below its red ... (full story)