EUR/GBP Price Analysis: Advances for three days, reclaims 0.8820s

EUR/GBP finds acceptance above the 20/50-day EMAs and 0.8800.
The January 13 daily high at 0.8897 will be the bull’s next target if the EUR/GBP achieves a daily close above 0.8800.

Christian Borjon Valencia FXStreet

The EUR/GBP hit a five-day new high at 0.8846, as positive Eurozone data outweighed bad UK PMIs, which reignited recessionary fears amongst Britons. Therefore, the EUR/GBP exchanges hands at 0.8823, above its opening price by more than 0.50%.

EUR/GBP Price Analysis: Technical outlook

After bottoming around 0.8721 last Thursday, the EUR/GBP achieved three straight days finishing with gains. In addition, the EUR/GBP climbed above the 50 and 20-day Exponential Moving Averages (EMAs), each at 0.8755 and 0.8792, respectively, opening the door for further upside.

Looking ahead, the EUR/GBP might hold its reins above 0.8800. Once achieved, the EUR/GBP might challenge the January 13 daily high of 0.8897, ahead of the 0.8900 mark. A breach of the latter will send the pair rallying to the September 28 swing high of 0.9066.

As an alternate scenario, the EUR/GBP first support would be the 0.8800 figure. Once broken, the 20-day EMA at 0.8792 would be tested and might allow a bearish continuation towards the 50-day EMA at 0.8755, ahead of a one-month-old upslope support trendline at 0.8740.

EUR/GBP Key Technical Levels

EUR/GBP

Overview
Today last price	0.8821
Today Daily Change	0.0037
Today Daily Change %	0.42
Today daily open	0.8784

Trends
Daily SMA20	0.882
Daily SMA50	0.8729
Daily SMA100	0.873
Daily SMA200	0.8613

Levels
Previous Daily High	0.8815
Previous Daily Low	0.8754
Previous Weekly High	0.8887
Previous Weekly Low	0.8722
Previous Monthly High	0.8877
Previous Monthly Low	0.8547
Daily Fibonacci 38.2%	0.8792
Daily Fibonacci 61.8%	0.8778
Daily Pivot Point S1	0.8753
Daily Pivot Point S2	0.8723
Daily Pivot Point S3	0.8692
Daily Pivot Point R1	0.8814
Daily Pivot Point R2	0.8845
Daily Pivot Point R3	0.8875

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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