The EURGBP consolidates between longer term MA below and a shorter term MA above
The EURGBP is moving up and down today. It’s consolidating.
The consolidation started yesterday after the pair stalled at the 200 day MA (lower overlayed green line on the hourly chart above at 0.8834). On Monday, the pair stalled at a lower trend line on the hourly chart (that was ahead of the 200 day MA). A move below the 200 day MA going forward, would be more bearish and have traders targeting the lower trend line at 0.8811.
On the topside, the consolidation has allowed for the 100 hour MA to come down at 0.8886. That is near the high from yesterday and the low from September 12 (ECB day). A move above would be more bullish technically (see red numbered circles).
There was a reason to buy yesterday at the 200 day MA. Can the buyers take it above the next higher level? Or does the resistance stall the rally and keep the trend move lower as the way to go?