EUR/GBP Price Analysis: Bounces off intraday low to stay around mid-0.8700s
|- EUR/GBP remains pressured towards the monthly bottom, also nine-month low.
- Key HMAs, weekly resistance line guard immediate upside.
- Bears eye April 2020 low during further weakness.
EUR/GBP remains on the back foot, down 0.06% to 0.8755, despite the latest corrective pullback from an intraday low of 0.8753 during early Thursday.
In doing so, the quote extends the previous day’s bearish performance while stays below a downward sloping trend line from February 04. Also favoring the EUR/GBP sellers is the pair’s sustained trading below the key Hourly Moving Averages (HMAs).
As a result, bears can eye fresh positions below weekly horizontal support around 0.8750.
Following that, the monthly low of 0.8738, also the lowest since May 2020, will be the key as it holds the gate for extra south-run to April 2020 low near 0.8670.
Alternatively, an upside break of 100-HMA level of 0.8766 should renew buying interest targeting the stated resistance line and 200-HMA, respectively around 0.8770 and 0.8790.
However, any clear run-up past-0.8790 will help the EUR/GBP buyers to refresh the monthly peak surrounding 0.8860.
EUR/GBP hourly chart
Trend: Bearish
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.