EUR/GBP falls below the 20-day SMA, bears takes command

EUR/GBP bulls failed to defend the 20-day SMA, and the cross fell near 0.8555.
So far, the pair lost 0.50% since Wednesday.

Patricio Martín FXStreet

The daily chart suggests the EUR/GBP has a bearish technical bias for the short term, with technical indicators suggesting that the bears have taken the lead for the short term. The Euro traded weak against most of it rivals on Wednesday, which contributed to the cross failing to consolidate above the 20-day Simple Moving Average (SMA) of 0.8580.

The daily Relative Strength Index (RSI) also exhibits a southward slope below its midline, emphasising the presence of intense selling pressure. At the same time, the Moving Average Convergence Divergence (MACD), with its red bars, highlights the strengthening bearish momentum for the EUR/GBP. Similar signals are seen in the four-hour chart, with both indicators comfortably standing in negative territory.

On the bigger time frame, the pair is below the 20,100 and 200-day Simple Moving Averages (SMAs), suggesting that the buyers are struggling to overcome the overall bearish trend and the bears are still in charge.

Support levels: 0.8560, 0.8640, 0.8495.

Resistance levels: 0.8580 (20-day SMA), 0.8600, 0.8615.

EUR/GBP Daily Chart

EUR/GBP

Overview
Today last price	0.8556
Today Daily Change	-0.0031
Today Daily Change %	-0.36
Today daily open	0.8587

Trends
Daily SMA20	0.8585
Daily SMA50	0.8586
Daily SMA100	0.8641
Daily SMA200	0.8714

Levels
Previous Daily High	0.8611
Previous Daily Low	0.8584
Previous Weekly High	0.8586
Previous Weekly Low	0.8493
Previous Monthly High	0.8701
Previous Monthly Low	0.8504
Daily Fibonacci 38.2%	0.8594
Daily Fibonacci 61.8%	0.8601
Daily Pivot Point S1	0.8577
Daily Pivot Point S2	0.8568
Daily Pivot Point S3	0.8551
Daily Pivot Point R1	0.8604
Daily Pivot Point R2	0.862
Daily Pivot Point R3	0.863

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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