Up and down week
The EURGBP raced higher on Monday after breaking above the converged 100/200 hour MAs at 0.8440 (blue and green lines). The price rise took the pair up to a session high at 0.8537 on Wednesday. The buyers got excited, but not for long.
By Wednesday, the price fell back below the 100 and 200 hour MAs. Admittedly, the price action has been up and down since then, with today’s price action moving back between the 100 and 200 hour MAs at 0.8460 to 0.84807.
The big break was the break above the 100 and 200 hour MAs on Monday. Now we are back near those MAs and consolidating into the weekend. PS the midpoint of the week’s trading range is at 0.84715. That is about where we are trading now. So back to neutral for the pair as we head to the week’s close.