EUR/GBP Price Analysis: Bears dominates below the 0.8500 mark


  • EUR/GBP edges lower on Thursday in the initial European trading session.
  • Cross hovers in the broader consolidation range of 0.8520 and 0.8700.
  • Momentum oscillators trade skid below the midline with caution for upside momentum.

EUR/GBP came under pressure and retreats below the 0.8520 level in the European trading hours. The pair confides in a narrow trade band with a downside bias.

At the time of writing, EUR/GBP is trading at 0.8512, down 0.07% for the day.

EUR/GBP daily chart

On the daily chart, the EUR/GBP cross has been moving in a broader trading channel of 0.8520 and 0.8700 since April with one breakout in between. 

A sustained move below the intraday low would meet with the first support at the 0.8500 horizontal support level.

In doing so, next to EUR/GBP could test the levels last seen in February.

The Moving Average Convergence Divergence (MACD) indicator trades just below the midline, with a bearish crossover. Any downtick in the MACD would prompt bears to retest the low of 0.8472 made on April 5 followed by the February 27 low at 0.8433.

Alternatively, if price moves higher, it will shrug off the current downside momentum. In that case, the first upside target emerges at the 0.8525 horizontal resistance level.

The next upside target appears at the 0.8540 horizontal resistance level followed by the high of July 26 at 0.8573.

EUR/GBP additional levels

EUR/GBP

Overview
Today last price 0.8512
Today Daily Change -0.0006
Today Daily Change % -0.07
Today daily open 0.8518
 
Trends
Daily SMA20 0.8564
Daily SMA50 0.8583
Daily SMA100 0.8601
Daily SMA200 0.8754
 
Levels
Previous Daily High 0.8523
Previous Daily Low 0.85
Previous Weekly High 0.867
Previous Weekly Low 0.8541
Previous Monthly High 0.8646
Previous Monthly Low 0.8531
Daily Fibonacci 38.2% 0.8514
Daily Fibonacci 61.8% 0.8509
Daily Pivot Point S1 0.8504
Daily Pivot Point S2 0.8491
Daily Pivot Point S3 0.8481
Daily Pivot Point R1 0.8527
Daily Pivot Point R2 0.8537
Daily Pivot Point R3 0.855

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD licks its wounds ahead of US consumer confidence

EUR/USD is below 1.18 but off the lows. The dollar is paring some of its gains ahead of US Consumer Confidence, final eurozone inflation data and expiry of options on Wall Street. 

EUR/USD News

GBP/USD struggles around 1.38 after weak US Retail Sales

GBP/USD is on the back foot around 1.38 after UK Retail Sales figures disappointed with -0.9% in August, worse than expected. Brexit uncertainty and dollar demand weighed on the pair earlier. 

GBP/USD News

XAU/USD bears seize control as focus shifts to FOMC meeting

Gold witnessed aggressive selling on Thursday and tumbled to over one-month lows. Upbeat US macro data lifted the US bond yields, the USD and exerted heavy pressure. Extremely oversold RSI on hourly charts helped limit losses amid COVID-19 woes.

Gold News

Ethereum Classic Price Prediction: ETC coils up for 40% upswing

Ethereum Classic price shows choppy action as it approaches the lower trendline of an ascending parallel channel. The $52.92 support floor is likely to be tagged before a 40% upswing originates.

Read more

US Michigan Consumer Sentiment Preview: Markets will have to look hard for positive signs

Consumer outlook expected to rebound to 72.2 in September. August’s 70.2 was the lowest since December 2011. Inflation and Delta variant wearing on US optimism. Markets face negative dollar risk from fading consumer optimism.

Read more

Forex MAJORS

Cryptocurrencies

Signatures