EUR/GBP Price Analysis: 50-DMA tests multi-day-old resistance break


  • EUR/GBP stays mildly bid around one-week top, edges higher of late.
  • Holds onto upside break of a descending resistance line, now support, from April 30.
  • 100-DMA becomes a tough nut to crack for bulls, sellers have a bumpy road to return.

EUR/GBP eases from an intraday high to 0.8580, up 0.06% on a day, ahead of Monday’s London open. In doing so, the cross-currency pair fades the key resistance breakout below 50-DMA.

However, firmer RSI, as well as the pair’s higher-high and higher-low bullish formation, keeps EUR/GBP buyers hopeful.

Hence, the pair is on the way to pierce the immediate moving average resistance, around 0.8590 and can aim for the 0.8600 threshold. Though, any further upside will be tamed by the 100-DMA level surrounding 0.8605.  

Additionally, the monthly high of 0.8618 also acts as an extra barrier to the north.

On the flip side, a daily closing below the resistance-turned-support line around 0.8575 will direct short-term EUR/GBP sellers to June’s low of 0.8530 but the monthly bottom close to the 0.8500 round figure will challenge the quote’s extra downside.

If at all the pair drops below 0.8500, the yearly bottom marked in April surrounding 0.8470 will be in focus.

EUR/GBP: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 0.8581
Today Daily Change 0.0005
Today Daily Change % 0.06%
Today daily open 0.8576
 
Trends
Daily SMA20 0.8565
Daily SMA50 0.859
Daily SMA100 0.8605
Daily SMA200 0.8774
 
Levels
Previous Daily High 0.858
Previous Daily Low 0.8524
Previous Weekly High 0.858
Previous Weekly Low 0.8504
Previous Monthly High 0.8646
Previous Monthly Low 0.8531
Daily Fibonacci 38.2% 0.8558
Daily Fibonacci 61.8% 0.8545
Daily Pivot Point S1 0.854
Daily Pivot Point S2 0.8504
Daily Pivot Point S3 0.8484
Daily Pivot Point R1 0.8596
Daily Pivot Point R2 0.8616
Daily Pivot Point R3 0.8651

 

 

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