EURGBP trades to another 23 month low today

The EURGBP has moved lower since moving above its 200-day moving average in early December, and has failed. In mid-December the price tested that 200-day moving average, found sellers against it and pushed lower since that test.

In early January, the price moved below a swing area on the daily chart below 0.8377 to 0.8393. This week, the price moved to that level (Tuesday), reached 0.8378, and found ready sellers.

The last two days have seen a rotation back to the low with the new low today reaching 0.83048.

Vendors still rule.

The next downside comes against the February 2020 low at 0.8283. The December 2019 low comes to 0.8259. These are the next main goals of further disadvantageous momentum.

What would damage the prejudice on the daily chart? Look at the 0.8340 level on the daily chart. That’s close to today’s and yesterday’s highs, and close to an old downward trend. Admittedly, that line as one sees a lot of prices going up and down during the month of January. However, sellers against the level the last two days may be indicative of sellers leaning. Without that, the swing area between 0.8377 and 0.8393, are resistance targets that should be broken if the buyers take more control.

Drilling to the hourly chart, the last few hours have seen momentum move to the downside after breaking through a swing low area between 0.83219 and 0.83242. This area can also be a short-term resistance for traders.