- EUR/GBP remains muted in the Asian session on Monday.
- Bulls pressurized below the 20-day SMA.
- Momentum oscillator hints at downside momentum.
The EUR/GBP cross-currency pair extends the previous two day’s losses on Monday’s morning Asian session. As of writing, EUR/GBP was trading at 0.8575, down 0.04% for the day.
EUR/GBP daily chart
-637592307471632507.png)
On the daily chart, the EUR/GBP cross has been consolidating near the 0.8570 level, with multiple lows formation making it a critical level to trade. The descending trendline from the high of 0.8719 is exerting selling pressure on the pair.
If price breaks the above mentioned level, then it could intensify the downside momentum toward the 0.8555 horizontal support level, the level last in March.
Adding to that, the Relative Strength Index ( RSI) reads at 40, which signifies the underlying bearish tone in EUR/GBP. The EUR bears would be encouraged to test June 26 low at 0.8534 followed by the 0.8500 horizontal support level.
Alternatively, if price sustained above the session’s high, then it could crawl back to the 0.8610 horizontal resistance level. Next, the cross would attempt to hit the June 10 high at 0.8642.
A move above the 0.8642 level will also coincide with the break of the bearish sloping line and making a path clear to the 0.8660 horizontal resistance level.
EUR/GBP additional level
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD holds below 1.0750 ahead of key US data
EUR/USD trades in a tight range below 1.0750 in the European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
USD/JPY stays firm above 156.00 after BoJ Governor Ueda's comments
USD/JPY stays firm above 156.00 after surging above this level on the Bank of Japan's decision to leave the policy settings unchanged. BoJ Governor said weak Yen was not impacting prices but added that they will watch FX developments closely.
Gold price oscillates in a range as the focus remains glued to the US PCE Price Index
Gold price struggles to attract any meaningful buyers amid the emergence of fresh USD buying. Bets that the Fed will keep rates higher for longer amid sticky inflation help revive the USD demand.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.