- EUR/GBP trades 0.29% higher on Monday as investors choose the EUR as the next best currency.
- There has also been a trendline break on the daily chart which looks bullish.
EUR/GBP daily chart
EUR/GBP has been pushing higher on Monday. As the US dollar was weakened it became the battle of who is the strongest against the greenback. The EUR seems to be the prefered choice for FX traders. On the fundamental side, the pound is still struggling with Brexit issues and the Bank of England is pondering negative interest rates too.
Looking closer at the chart, the black downward sloping trendline has been broken to the upside. This was not the main resistance point, the previous wave high at 0.9172 has more significance and if it breaks it would continue the pattern of higher high higher lows. Beyond that, the blue line at 0.9324 is a good resistance too from a prominent reversal point in the past.
The indicators are looking bullish. The MACD histogram is green and the signal lines are above the midpoint. The Relative Strength Index is also looking positive as it is above the 50 line and heading to the overbought zone.
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