- 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
Additional important levels
|Today last price||0.845|
|Today Daily Change||-2 pips|
|Today Daily Change %||-0.02%|
|Today daily open||0.8452|
|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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