EUR/GBP Price Analysis: Bears keep reins around 0.8450 ahead of ECB


EUR/GBP remains sidelined around 0.8445, keeping a two-week-long trading range as European traders brace for the key Thursday.

Given the cross-currency pair’s failures to rise past 100-SMA, followed by a downside below a short-term resistance line, the sellers are likely to remain hopeful of printing a fresh multi-month low.

However, the lower end of the stated range around 0.8420 will precede Tuesday’s bottom surrounding the 0.8400 threshold, also the lowest levels since February 2020, to challenge the EUR/GBP bears.

In a case where the quote remains weak past 0.8400, January 2020 bottom and the last year’s low, respectively around 0.8385 and 0.8280, will gain the market’s attention.

On the flip side, the stated trend line resistance and 100-SMA, at 0.8450 and 0.8460 in that order by the press time, will challenge the quote’s corrective pullback.

Even if the quote remains firmer past 0.8460, it needs to cross the weekly top near 0.8470 to recall the EUR/GBP bulls. Following that, the 0.8500 round figure and the mid-October high near 0.8520 should be watched carefully for upside moves.

Overall, the EUR/GBP pair remains inside the bearish trajectory but the European Central Bank (ECB) can direct the moves more precisely.

EUR/GBP: Four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price 0.8443
Today Daily Change 0.0002
Today Daily Change % 0.02%
Today daily open 0.8441
 
Trends
Daily SMA20 0.8478
Daily SMA50 0.8533
Daily SMA100 0.8542
Daily SMA200 0.86
 
Levels
Previous Daily High 0.8465
Previous Daily Low 0.842
Previous Weekly High 0.8469
Previous Weekly Low 0.8422
Previous Monthly High 0.8658
Previous Monthly Low 0.8501
Daily Fibonacci 38.2% 0.8448
Daily Fibonacci 61.8% 0.8437
Daily Pivot Point S1 0.8419
Daily Pivot Point S2 0.8397
Daily Pivot Point S3 0.8374
Daily Pivot Point R1 0.8464
Daily Pivot Point R2 0.8487
Daily Pivot Point R3 0.8509

 

 

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