EUR/GBP consolidates losses with upside attempts capped below 0.8600

Guillermo Alcala FXStreet

The Euro is looking for a direction below 0.8590.
Weak Eurozone data keeps fuelling hopes of ECB cuts and weighing on the Euro
The pair is nearing a strong support area above 0.8500

The euro is trading sideways for the fifth consecutive day on Friday, with price action trapped within the upper range of 0.8500.

The market is showing hesitation, as shown by the Doji candles printed on the daily charts, following a more than 2% sell-off in late November, yet with no clear sign of a trend shift in sight.

On Thursday, the Eurozone GDP confirmed that the economy contracted in Q3, which, coupled with the lower inflation has fuelled speculation that the ECB will be forced to cut rates in early 2024. This has kept investors away from the Euro.

EUR/GBP is approaching hey support at 0.8500

The hourly charts show the downside trend losing steam, with 0.8540 holding bears ahead of a strong support area between 0.8500 and 0.8520.

On the upside, bulls should breach the 0.8590 resistance area, which closes the way to previous support levels at 0.8615 and 0.8640.

Technical levels to watch

EUR/GBP

Overview
Today last price	0.8568
Today Daily Change	-0.0007
Today Daily Change %	-0.08
Today daily open	0.8575

Trends
Daily SMA20	0.867
Daily SMA50	0.8677
Daily SMA100	0.8638
Daily SMA200	0.8671

Levels
Previous Daily High	0.8584
Previous Daily Low	0.8555
Previous Weekly High	0.8688
Previous Weekly Low	0.856
Previous Monthly High	0.8766
Previous Monthly Low	0.8614
Daily Fibonacci 38.2%	0.8573
Daily Fibonacci 61.8%	0.8566
Daily Pivot Point S1	0.8558
Daily Pivot Point S2	0.8542
Daily Pivot Point S3	0.8528
Daily Pivot Point R1	0.8588
Daily Pivot Point R2	0.8601
Daily Pivot Point R3	0.8618

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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