EURGBP runs higher but stalls at the 100 day MA | Forexlive

Technically, what we do know from the price action in the EURGBP is there has seen increased upside momentum in trading today.

Looking at the 4-hour chart, initially, the price traded below its 100 bar moving average of 4-hour chart and 0.8289 level, but could not sustain momentum. That stalled the fall, and led to an upside run during the European morning session.

The move to the upside has taken the price to the highest level since the end of October and also above the 50% midpoint of the move down from the end of October high. That level comes in at 0.83347.

However, after reaching its 100-day moving average at 0.83404, there has been some cause for pause and the price has rotated back down toward the 50 percent midpoint level. Going forward, it will take a move above that 100 day MA to increase the bullish bias.