EUR/GBP Price Analysis: 61.8% Fibonacci checks the bears


  • EUR/GBP stays on the back foot, trades near the four-day low.
  • The break of the short-term rising trend line, 200-hour SMA and 50% Fibonacci retracement recently lured sellers.
  • Wednesday’s low can stop bears targeting January 31 low.

EUR/GBP declines to 0.8450, -0.06%, ahead of the European session on Tuesday. The pair sellers pause just above 61.8% Fibonacci retracement of January 31 to February 04 rise.

However, the pair’s recovery moves, also favored by the oversold RSI conditions, might find it difficult to cross 200-hour SMA and 50% Fibonacci retracement near 0.8465.

Even if the buyers manage to cross 0.8465, the support-turned-resistance line at 0.8490 and Monday’s top of 0.8506 will challenge the rise.

Meanwhile, a downside break below 61.8% Fibonacci retracement level of 0.8445 can revisit Wednesday’s low near 0.8430.

Should the bears fail to respect RSI conditions, January-end bottom around 0.8385 will be the key to watch.

EUR/GBP hourly chart

Trend: Pullback expected

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Additional important levels

Overview
Today last price 0.845
Today Daily Change -2 pips
Today Daily Change % -0.02%
Today daily open 0.8452
 
Trends
Daily SMA20 0.8478
Daily SMA50 0.8485
Daily SMA100 0.8581
Daily SMA200 0.8768
 
Levels
Previous Daily High 0.8506
Previous Daily Low 0.844
Previous Weekly High 0.854
Previous Weekly Low 0.8403
Previous Monthly High 0.8598
Previous Monthly Low 0.8366
Daily Fibonacci 38.2% 0.8465
Daily Fibonacci 61.8% 0.8481
Daily Pivot Point S1 0.8426
Daily Pivot Point S2 0.84
Daily Pivot Point S3 0.836
Daily Pivot Point R1 0.8492
Daily Pivot Point R2 0.8532
Daily Pivot Point R3 0.8558

 

 

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