EURGBP falls to the lowest level since August 2022
The EURGBP is tumbling lower in trading today. The price is currently down -0.47%, and in the process took out the lows from early June at 0.85667. The pair is also below swing lows from December 2022 between 0.8546 and 0.8559.
The low price just reached 0.8543. The close risk would be the early June low of 0.85667. A more conservative risk level of the daily chart would be near 0.8600 (see red circles on the chart above).
Drilling to the hourly chart below,
- The price was corrected on Monday and in the process moved back above the 100-hour moving average (blue line in the chart below).
- On Tuesday, the 100-hour moving average was retested and held support.
- On Wednesday the price fell below the 100-hour moving average but stalled ahead of the lows from last week.
- Yesterday the price move back above the 100-hour moving average but could not extend above the falling 200-hour moving average. The price is not been above the 200-hour moving average since May 29.
In trading today, the selling took hold within the European session and has continued as London/European traders exit for the day.
EURGBP trading lower as Europe traders exit for the day
How has the EURGBP impacted the EURUSD and the GBPUSD?
The EURUSD is trading to new session lows as European traders exit for the week (EURUSD is down -0.32%). The GBUSD, meanwhile, is trading near session highs for the day (GBPUSD Is up 0.16%).