EURGBP and EURCHF: EURGBP under pressure at 0.85750 level

EURGBP chart analysis

This week, the EURGBP trend is bearish, and this morning, we reached the 0.85747 weekly low. Yesterday’s bearish consolidation pushed us below the EMA200 moving average to 0.857550. During this morning’s Asian session, the movement took place in the 0.85750-0.85830 range.

We are still in that zone with mild bullish indications. We need to produce a bullish impulse above the 0.85830 level to shift the trend, indicating a potential trading opportunity.

Potential higher targets are 0.85850 and 0.85900 levels. For a bearish option, we need a bearish impulse below the 0.85750 level. With that step, we fall to a new weekly low and confirm the weakness of the euro against the British pound. Potential lower targets are 0.85700 and 0.85650 levels.

EURCHF chart analysis

Last night, EURCHF rose to the 0.98265 level, a new weekly high. During this morning’s Asian trading session, a bearish consolidation was initiated up to the 0.97860 level. At that level, we get support in the EMA200 moving average, and after that, we make an impulse up to the 0.98100 level.

We are now trying to hold there and gain additional support from the EMA50 moving average. Potential higher targets are 0.98200 and 0.98300 levels. We would first pull down to the EMA200 at 0.97860 for a bearish option. A break below these support levels would form a new daily low and thus signal a continuation to the bearish side. Potential lower targets are 0.97800 and 0.97700 levels.

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