EUR/GBP Price Analysis: Bounces off 1-month low, still seems vulnerable


  • EUR/GBP finds some support and rebounds from the 0.8430-25 region.
  • The cross refreshes session tops post- Lagarde's opening statement.
  • The attempted recovery seemed to lack any strong bullish conviction.

The EUR/GBP cross managed to find some support near the 0.8430-25 region, or three-week lows, and staged a modest recovery. The cross refreshed session tops after the ECB President Christine Lagarde's opening statement at the post-meeting press conference, albeit lacked any strong follow-through.

Meanwhile, the mentioned support marks t50% Fibonacci level of 0.8276-0.8602 recent recovery move, which if broken might accelerate the slide towards the 0.8400 level (61.8% Fibo.). Some follow-through selling would turn the cross vulnerable to slide back towards retesting multi-year lows set in December.

Meanwhile, the cross remains well below its important daily moving averages – 50, 100 and 200-day SMA. This coupled with the fact that technical indicators on the daily chart have again started drifting into the negative territory now support prospects for the resumption of the prior/well-established bearish trend.

Some follow-through selling below the 0.8400 round-figure e mark will reaffirm the bearish outlook and set the stage for a slide towards 0.8335 intermediate support en-route the 0.8300 level and mid-December swing lows, around the 0.8276 region.

EUR/GBP daily chart

fxsoriginal

EUR/GBP

Overview
Today last price 0.8449
Today Daily Change 0.0005
Today Daily Change % 0.06
Today daily open 0.8444
 
Trends
Daily SMA20 0.8515
Daily SMA50 0.851
Daily SMA100 0.8638
Daily SMA200 0.8779
 
Levels
Previous Daily High 0.8503
Previous Daily Low 0.8423
Previous Weekly High 0.8598
Previous Weekly Low 0.8487
Previous Monthly High 0.8756
Previous Monthly Low 0.8276
Daily Fibonacci 38.2% 0.8454
Daily Fibonacci 61.8% 0.8472
Daily Pivot Point S1 0.841
Daily Pivot Point S2 0.8377
Daily Pivot Point S3 0.833
Daily Pivot Point R1 0.849
Daily Pivot Point R2 0.8537
Daily Pivot Point R3 0.857

 

 

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

Latest Forex News

Editors’ Picks

EUR/USD stabilizes amid upbeat IFO data, coronavirus concerns

EUR/USD is trading below 1.0850 as the German IFO Business Climate beat with 96.1. Coronavirus headlines are weighing heavily on the market. The US dollar remains bid despite falling US yields. 

EUR/USD News

GBP/USD dips below 1.29 on USD strength

GBP/USD has dipped below 1.29 as the dollar gains ground amid coronavirus headlines. The EU and the UK prepare for formal post-Brexit due to talks kicking off next week. 

GBP/USD News

Forex Today: Coronavirus consumes markets, Gold eyeing $1,700, German data awaited

Coronavirus: The respiratory disease continues spreading and is taking its toll. Chinese President Xi Jinping has sounded the alarm over the outbreak at the Communist Party's gathering. 

Read more

Gold hits fresh multi-year tops, eyeing $1700 mark

Gold continues scaling higher amid a fresh wave of the global risk-aversion trade. Heightened fears about the economic impact of the deadly coronavirus rattled investors. Absent relevant economic data is unlikely to hinder the ongoing strong move up.

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex MAJORS

Cryptocurrencies

Signatures