EUR/GBP Tests 200 Day Moving Average

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EUR/GBP Tests 200 Day Moving Average

By Greg Michalowski on May 27, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The EURGBP is testing the 200 day moving average at the 0.8658 level. The price has been above this moving average since october 2008 when the prive moved above the average at the 78.37. A break confirmed by momentum and volume selling will will likely solicit longer term bears. The GBPUSD has moved higher on the move - reaching a new high for the GBPUSD at 1.6076. Look for buyers in EURGBP against the level - at least initially - with stops on a convincing break lower.

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