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.

Rekha Chauhan Independent Analyst

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

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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