#EURGBP @ 0.88225 finds acceptance above the 20/50-day EMAs and 0.8800. (Pivot Orderbook analysis)

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• EUR/GBP finds acceptance above the 20/50-day EMAs and 0.8800.
• The January 13 daily high at 0.8897 will be the bull’s next target if the EUR/GBP achieves a daily close above 0.8800.

The pair currently trades last at 0.88225.

The previous day high was 0.8815 while the previous day low was 0.8754. The daily 38.2% Fib levels comes at 0.8792, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8778, expected to provide support.

The EUR/GBP hit a five-day new high at 0.8846, as positive Eurozone data outweighed bad UK PMIs, which reignited recessionary fears amongst Britons. Therefore, the EUR/GBP exchanges hands at 0.8823, above its opening price by more than 0.50%.

After bottoming around 0.8721 last Thursday, the EUR/GBP achieved three straight days finishing with gains. In addition, the EUR/GBP climbed above the 50 and 20-day Exponential Moving Averages (EMAs), each at 0.8755 and 0.8792, respectively, opening the door for further upside.

Looking ahead, the EUR/GBP might hold its reins above 0.8800. Once achieved, the EUR/GBP might challenge the January 13 daily high of 0.8897, ahead of the 0.8900 mark. A breach of the latter will send the pair rallying to the September 28 swing high of 0.9066.

As an alternate scenario, the EUR/GBP first support would be the 0.8800 figure. Once broken, the 20-day EMA at 0.8792 would be tested and might allow a bearish continuation towards the 50-day EMA at 0.8755, ahead of a one-month-old upslope support trendline at 0.8740.

Technical Levels: Supports and Resistances

EURGBP currently trading at 0.8821 at the time of writing. Pair opened at 0.8784 and is trading with a change of 0.42 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.882, 50 SMA 0.8729, 100 SMA @ 0.873 and 200 SMA @ 0.8613.

The previous day high was 0.8815 while the previous day low was 0.8754. The daily 38.2% Fib levels comes at 0.8792, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8778, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8753, 0.8723, 0.8692
• Pivot resistance is noted at 0.8814, 0.8845, 0.8875

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