EUR/GBP Price Analysis: Bears struggle between key HMAs around mid-0.8600s


  • EUR/GBP remains on the back foot between 100 and 200-HMA.
  • Bearish MACD, sustained break of short-term support line, now resistance, favor sellers.
  • The falling trend line from Friday adds to the upside barriers.

Following its downtick to the lowest since Thursday in early Asia, EUR/GBP seesaws in a choppy range inside the 100 and 200-HMA, currently down 0.25% to 0.8640, during the pre-European session on Monday.

In doing so, the quote keeps downside break of an ascending trend line from Wednesday amid bearish MACD.

As a result, EUR/GBP sellers seem to wait for a clear downside break of 200-HMA level of 0.8637 while targeting the 0.8600 threshold.

However, the previous month’s low, also the lowest since February 2020, around 0.8540, will lure the EUR/GBP bears below the 0.8600 round-figure.

Meanwhile, an upside break of 200-HMA level of 0.8652 will trigger a fresh run-up targeting an immediate resistance line, at 0.8665 now, a break of which will highlight another hurdle, the previous support line, close to 0.8685.

If at all, the EUR/GBP bulls manage to cross 0.8685, multiple lows marked during April 2020, close to the 0.8700 psychological magnet, will challenge the quote’s further upside.

Overall, EUR/GBP remains on the back-foot but sellers await confirmation for fresh entries.

EUR/GBP hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price 0.8642
Today Daily Change -20 pips
Today Daily Change % -0.23%
Today daily open 0.8662
 
Trends
Daily SMA20 0.8722
Daily SMA50 0.8863
Daily SMA100 0.8939
Daily SMA200 0.8987
 
Levels
Previous Daily High 0.8731
Previous Daily Low 0.8656
Previous Weekly High 0.8731
Previous Weekly Low 0.8539
Previous Monthly High 0.886
Previous Monthly Low 0.8539
Daily Fibonacci 38.2% 0.8685
Daily Fibonacci 61.8% 0.8702
Daily Pivot Point S1 0.8636
Daily Pivot Point S2 0.8609
Daily Pivot Point S3 0.8561
Daily Pivot Point R1 0.871
Daily Pivot Point R2 0.8758
Daily Pivot Point R3 0.8784

 

 

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.

Feed news

Stop losing your money! 
Learn to trade with us!

24/7 signals + Webinars    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD drops below 1.1900 as dollar rebounds amid risk-aversion

EUR/USD is trading below 1.1900, retreating further from two-week highs of 1.1927 amid resurgent haven demand for the US dollar whilst the Treasury yields recover. Concerns about vaccines in Europe outweigh the Fed's dovish message.

EUR/USD News

GBP/USD struggles around 1.37 on dollar strength, Brexit and covid concerns

GBP/USD is trying to hold onto 1.37, trading near the March lows. The US dollar is rebounding the from dovish Fed-induced blow. Concerns about Britain's vaccine supplies and Brexit-related issues are weighing on sentiment.

GBP/USD News

XAU/USD trades as a function of yields, bounces at $1730 support

Spot gold (XAU/USD) prices have seen choppy price action this Friday, dropping from Asia Pacific levels in the upper-$1750s to lows around $1730, before recovering back to the mid-$1740s in recent trade. 

Gold News

Cardano’s Alonzo update might catalyze ADA price for 78% upswing

IOHK revealed Alonzo, the next protocol update for the Cardano blockchain. The upgrade will build on top of the recent releases like Mary, Allegra and so on to bring smart contract capabilities. ADA price falters but holds up as buyers eye a 78% bull run to record levels.

Read more

S&P 500: High high and away, it's the running of the bulls as PPI Freezes up

Up up and away as bulls push more record highs in equity markets. In the short term nothing, it appears, is clouding the picture. Or is it! The ten year yield reawakens with a fairly sharp rise back toward 1.7%.

Read more

Forex MAJORS

Cryptocurrencies

Signatures