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EUR/GBP Price Analysis: Breakout of the Flag Indicates Potential for New Upward Movement

Daniel Rogers

Jan 11, 2023 12:00

EUR:GBP.png 

 

During the Asian session, the EUR/GBP pair is behaving erratically below the crucial barrier of 0.8840. The cross trades aimlessly due to the absence of a potential stimulus. In the meantime, it is predicted that the European Central Bank (ECB) will cease its policy tightening, as Mario Centeno, a member of the ECB's governing council, stated that Eurozone inflation may find stiff opposition in January and February, but will begin to decrease in March.

 

EUR/GBP is forming a Bullish Flag chart pattern on a four-hour time frame, which indicates consolidation followed by a breakout. Participants typically initiate long positions during the consolidation period of a chart pattern, preferring to enter an auction once a bullish bias has been established.

 

Near 0.8820, the 50-period Exponential Moving Average (EMA) has moved sideways, suggesting continued consolidation. While the 200-day exponential moving average (EMA) is still climbing, a bullish long-term trend is indicated.

 

The Relative Strength Index (RSI) (14) fluctuates between 40.00 and 60.00 in the interim. It indicates that a probable conviction move trigger is not present.

 

A breach of the January 6 high at 0.8871 will accelerate the asset towards the round-number barrier at 0.8900, followed by the September 29 high at 0.8979.

 

In comparison, a decline below Monday's low of 0.8769 will lead to the asset's December 21 low of 0.8716. A fall in the latter will cause the asset to reach a low of 0.8691 on December 19.


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