Forex technical analysis: EURGBP rebounds to MA levels

Stalls on first look...

The EURGBP traded to new session highs in the current hourly bar, and that move higher tested the 200 hour MA at 0.88352. The high price reached 0.88338 and found sellers on the first test. The 100 hour MA is also in play at 0.88433 currently.

Sellers leaned on the first look as they try to keep the bearish bias.

The low earlier today bottomed near the swing low from October 30. That level was broken on October 31 and stayed below until the BOE decision last week. After some volatility on the decision and headlines, the pair shot higher on the more "dovish" BOE comments. The last few days has seen those gains eroded. Yesterday, the move below back below the 200 hour MA (green line) and then the 100 hour MA (blue line) took more wind out of the buyers sails.

So the market has defined a bottom technical level at 0.8792 AND a ceiling defined by the MA levels.

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