• EUR/GBP pares recent losses while bouncing off key Fibonacci retracement level.
  • 200-HMA, previous support challenge buyers, bears eye fresh weekly low.
  • Downbeat RSI, sustained break of short-term triangle keep sellers hopeful.

EUR/GBP picks up bids to 0.8590 while consolidating the biggest daily loss in a week during Friday’s Asian session. In doing so, the cross-currency pair rebounds from the 61.8% Fibonacci retracement of June 09-15 upside.

However, the quote’s clear downside break of a one-week-old ascending triangle, as well as the sustained trading below the 200-HMA, hint at the further downside.

That said, the 200-HMA level of 0.8597 guards the EUR/GBP pair’s immediate upside ahead of the aforementioned triangle’s support line, at 0.8605 by the press time.

Following that, the stated triangle’s resistance line and mid-June swing low could challenge EUR/GBP bulls around 0.8645 and 0.8675 respectively.

Meanwhile, a downside break of the 61.8% Fibonacci retracement level of 0.8575 appears to be the trigger for the pair’s fall towards the June 16 trough, close to 0.8510.

In a case where EUR/GBP bears dominate past 0.8510, the 0.8500 threshold and the monthly low of 0.8485 might gain the market’s attention.

Overall, EUR/GBP prices are likely to witness further downside pressure despite the latest rebound.

EUR/GBP: Hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 0.8585
Today Daily Change 0.0000
Today Daily Change % 0.00%
Today daily open 0.8585
 
Trends
Daily SMA20 0.8557
Daily SMA50 0.8491
Daily SMA100 0.8429
Daily SMA200 0.8444
 
Levels
Previous Daily High 0.8641
Previous Daily Low 0.8574
Previous Weekly High 0.8721
Previous Weekly Low 0.8512
Previous Monthly High 0.8619
Previous Monthly Low 0.8367
Daily Fibonacci 38.2% 0.86
Daily Fibonacci 61.8% 0.8615
Daily Pivot Point S1 0.8559
Daily Pivot Point S2 0.8533
Daily Pivot Point S3 0.8492
Daily Pivot Point R1 0.8626
Daily Pivot Point R2 0.8667
Daily Pivot Point R3 0.8694

 

 

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