EUR/GBP Price Analysis: Eyes deeper loss on a sustained move below 0.8650
|- EUR/GBP is under pressure in the early European session.
- More downside envisioned if the spot breaks below the 0.8650 mark.
- MACD remains neutral and asks for a wait-and-watch approach.
The EUR/GBP cross remains under intense selling pressure in the early European session. The cross extended the previous day’s losses and held onto the crucial 0.8650 psychological mark.
At the time of writing, EUR/GBP is trading at 0.8654, down 0.51% on the day.
EUR/GBP four-hour chart
On the four-hour chart, the cross is extending declines from the daily highs of 0.8700. If prices defend the 0.8650 psychological mark, then a rebound could be expected, first to the intraday highs at 0.8700
The next on the card would be the 0.8720 horizontal resistance zone.
On the flip side, if prices follow the receding Moving Average Convergence Divergence (MACD), then it would be directed toward Thursday’s low in the vicinity of 0.8630 area.
The price action could open the gates for the 0.8600 horizontal support zone, followed by April 7 lows at 0.8582.
EUR/GBP Additional Levels
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