EUR/GBP Price Analysis: Bear keep reins below 0.8610 key hurdle

EUR/GBP consolidates recent losses inside a choppy range.
Oversold RSI probes sustained downside break of short-term key HMAs, support lines.
May’s low can lure bears below monthly bottom.

Anil Panchal FXStreet

EUR/GBP holds lower ground near 0.8590, following its heaviest drop in two weeks the previous day.

In doing so, the cross-currency pair keeps key HMA breakdown, not to forget short-term support line break, amid oversold RSI conditions during Friday’s Asian session.

The RSI normalization could portray a corrective pullback towards the previous support lines surrounding 0.8600. However, any further upside will be tested by a convergence of 100 and 200-HMA near 0.8610.

Also acting as the upside filter is early Thursday’s low near 0.8620 and Tuesday’s top close to 0.8630.

Meanwhile, bears could re-enter below the latest swing low of 0.8586 to target the monthly bottom around 0.8565.

It’s worth noting that EUR/GBP weakness past-0.8565 will be challenged by the last month’s bottom of 0.8560 before directing bears to the mid-March lows around 0.8530.

Overall, EUR/GBP remains on the back foot and appealing for the sellers.

EUR/GBP hourly chart

Trend: Further losses expected

Additional important levels

Overview
Today last price	0.859
Today Daily Change	-0.0037
Today Daily Change %	-0.43%
Today daily open	0.8627

Trends
Daily SMA20	0.8611
Daily SMA50	0.8632
Daily SMA100	0.8655
Daily SMA200	0.8845

Levels
Previous Daily High	0.8638
Previous Daily Low	0.8589
Previous Weekly High	0.8646
Previous Weekly Low	0.8566
Previous Monthly High	0.8711
Previous Monthly Low	0.8561
Daily Fibonacci 38.2%	0.862
Daily Fibonacci 61.8%	0.8608
Daily Pivot Point S1	0.8598
Daily Pivot Point S2	0.8569
Daily Pivot Point S3	0.8549
Daily Pivot Point R1	0.8647
Daily Pivot Point R2	0.8667
Daily Pivot Point R3	0.8696

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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