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