EUR/GBP Price Analysis: Bears tease multi-week support near 0.8570


  • 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

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

EUR/GBP

Overview
Today last price 0.8576
Today Daily Change -0.0003
Today Daily Change % -0.03
Today daily open 0.8579
 
Trends
Daily SMA20 0.861
Daily SMA50 0.8633
Daily SMA100 0.8652
Daily SMA200 0.8843
 
Levels
Previous Daily High 0.8606
Previous Daily Low 0.8568
Previous Weekly High 0.8643
Previous Weekly Low 0.8568
Previous Monthly High 0.8711
Previous Monthly Low 0.8561
Daily Fibonacci 38.2% 0.8583
Daily Fibonacci 61.8% 0.8592
Daily Pivot Point S1 0.8563
Daily Pivot Point S2 0.8547
Daily Pivot Point S3 0.8526
Daily Pivot Point R1 0.8601
Daily Pivot Point R2 0.8622
Daily Pivot Point R3 0.8638

 


 

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