GBPUSD up. EURUSD lower. EURGBP tumbles

Technical Analysis

Author: Greg Michalowski | gbpusd

GBPUSD reaches 18 month high 

The GBPUSD is trading at an 18 month high, breaking above the September 2017 high at 1.36547.  

The EURUSD is trading up and down after the CPI/Retail sales data at 1.2122. 

The combo has led to a sharp fall in the EURGBP.  Spanish and Dutch are expected to seek a soft Brexit deal.

Looking at the EURGBP, the pair fell back below the 100 day MA at 0.8901% and is back in the middle of the month long trading range.  The big news technically is that the rise above the 100 day MA has failed for the 3rd time in 2018. This current fail saw the price spend at least a few hours above, but the price had already moved back below the MA line before the most recent plunge. 

So buyer remain frustrated with the ups and downs in this pair. 

The fall took the price down toward the 100 hour MA and the 200 bar MA on the 4 hour chart and below the 200 hour MA and the 100 bar MA on the 4-hour chart at 0.8869.  

Disappointment. Back to the middle of the range.