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EURGBP Seems To Be Looking For More Recovery After Dip In Ichimoku Cloud

EURGBP has been trading bullish in the short-term picture after ascending from the 0.9080 support, pushing the price above the 0.9200 handle, the simple moving averages (SMAs), and the Ichimoku cloud.

The short-term oscillators reflect a slightly positive bias. The MACD, in the positive area, has moved marginally above its red trigger line but remains close to zero, while the RSI has been fluctuating above its neutral mark, pointing slightly up. Additionally, the 20- and 40-period SMAs are ready to confirm a bullish crossover, suggesting that the upside structure may improve.

To the upside, the important resistance region from the 0.9220 high to the 0.9258 hurdle could prove difficult to overrun. Conquering this, the 0.9290 high could halt the climb towards the 0.9385 barrier.

Otherwise, if sellers manage to close decisively below the bullish cross of the SMAs, the 0.9113 support could attract attention. Falling below this, the 0.9070 – 0.9080 zone may challenge bears’ efforts to revisit the 0.9043 hurdle.

Summarizing, the ongoing recovery may continue in the short-term as the bullish bias remains intact. A break above the 0.9290 level would further strengthen the positive structure in the big picture.

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