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EURGBP Daily: Bullish momentum on the rise


9 December 2020

The EURGBP currency pair, on the D1 time-frame, was in a downward spiral until 23 November when a higher bottom was recorded at 0.88664, where Bulls started prevailing and demand began overcoming supply.

After the higher bottom at 0.88664, the price navigated upwards through both the 15 and 34 Simple Moving Averages and the Momentum Oscillator crossed the zero baseline into positive terrain.

A higher top and critical resistance level was formed on 2 December at 0.90841 with bears subsequently applied downward pressure. However, the bears quickly ran out of steam with a higher bottom forming on 4 December at 0.89827. Although a Spinner Candle that signifies indecision occurred in the market at that time, the bulls took firm control of the price again when the next day’s trading session started.

​

On 5 December, the EURGBP pair broke through the critical resistance level at 0.90841 with a long trade being triggered and three possible price targets could have been calculated from there. Applying the Fibonacci tool to the top of the resistance level at 0.90841 and dragging it to the bottom of a possible support area near the 34 Simple Moving Average at 0.89827, the following targets may be considered. The first target can be projected at 0.91468 (161 %) and the second price target may be likely at 0.92482 (261.8%). The third and final target may well be expected at 0.94122 (423.6%) if the uptrend continues making higher top and bottoms.

However, if the 107.155 support level is breached, the bullish scenario above is invalidated and will need to be reassessed.

As long as markets maintain a bullish sentiment and demand overwhelms supply, the outlook for the EURGBP currency pair on the Daily time-frame will remain bullish.

For more information, please visit: FXTM

Written on 09/12/2020 by Theunis Kruger, FX Trainer at FXTM
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