EUR/GBP Price Analysis: Bears retake controls below 0.8500

EUR/GBP reverses Friday’s corrective pullback, refreshes intraday low.
20-SMA, weekly resistance line guards immediate upside.
RSI conditions suggest limit for the bears around yearly low.

Anil Panchal FXStreet

EUR/GBP takes offers to refresh intraday low around 0.8485, down 0.10% on a day during early Monday.

The cross-currency pair benefited from the oversold RSI conditions during the last week while bouncing off the two-month low.

However, a short-term descending trend line and 20-SMA triggered the quote’s fresh pullback towards the multi-day low of 0.8474.

In a case where the EUR/GBP bears refrain from following the RSI signals, the yearly low marked in August around 0.8450 will be in focus.

Meanwhile, a two-month-long horizontal line joins the stated falling trend line and 20-SMA to restrict short-term EUR/GBP rebound below the 0.8500 threshold.

Should the quote crosses 0.8500, the 61.8% Fibonacci retracement of August-September upside near 0.8530 should lure the bulls.

EUR/GBP: Four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.8487
Today Daily Change	-0.0008
Today Daily Change %	-0.09%
Today daily open	0.8495

Trends
Daily SMA20	0.8552
Daily SMA50	0.8546
Daily SMA100	0.8563
Daily SMA200	0.8633

Levels
Previous Daily High	0.8501
Previous Daily Low	0.8479
Previous Weekly High	0.8574
Previous Weekly Low	0.8475
Previous Monthly High	0.8658
Previous Monthly Low	0.8501
Daily Fibonacci 38.2%	0.8493
Daily Fibonacci 61.8%	0.8488
Daily Pivot Point S1	0.8482
Daily Pivot Point S2	0.8469
Daily Pivot Point S3	0.846
Daily Pivot Point R1	0.8504
Daily Pivot Point R2	0.8514
Daily Pivot Point R3	0.8527

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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