Sustained trading beyond 50-day SMA can move the rise towards seven-week-old resistance-line. 23.6% of Fibonacci retracement may offer immediate resistance. The EUR/GBP trades successfully above the 50-day simple moving average (SMA) as it flashes 0.8600 marks ahead of the European open on Thursday. With this, the quote can easily question the strength of 23.6% Fibonacci retracement of its January – March decline, at 0.8620, ahead of pushing buyers towards seven-week-old descending trend-line at 0.8665. Should there be additional strength in the momentum beyond 0.8665, 38.2% Fibonacci retracement and 100-day SMA around 0.8710/15 could become bulls’ favorite. On the downside closing under 0.8595 mark comprising 50-day SMA may recall l0.8550 and 0.8490 on the chart whereas March lows near 0.8470 could restrict the south-run then after. If at all prices keep trading downwards under 0.8470, 61.8% Fibonacci expansion (FE) of mid-January to late-March moves, at 0.8410, seems to lure the bears. EUR/GBP daily chart Trend: Positive  FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP futures: deeper pullback unlikely FX Street 3 years Sustained trading beyond 50-day SMA can move the rise towards seven-week-old resistance-line. 23.6% of Fibonacci retracement may offer immediate resistance. The EUR/GBP trades successfully above the 50-day simple moving average (SMA) as it flashes 0.8600 marks ahead of the European open on Thursday. With this, the quote can easily question the strength of 23.6% Fibonacci retracement of its January - March decline, at 0.8620, ahead of pushing buyers towards seven-week-old descending trend-line at 0.8665. Should there be additional strength in the momentum beyond 0.8665, 38.2% Fibonacci retracement and 100-day SMA around 0.8710/15 could become bulls' favorite. On the downside closing… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
