EUR/GBP Price Analysis: Bounces off intraday low to stay around mid-0.8700s
- EUR/GBP remains pressured towards the monthly bottom, also nine-month low.
- Key HMAs, weekly resistance line guard immediate upside.
- Bears eye April 2020 low during further weakness.
EUR/GBP remains on the back foot, down 0.06% to 0.8755, despite the latest corrective pullback from an intraday low of 0.8753 during early Thursday.
In doing so, the quote extends the previous day’s bearish performance while stays below a downward sloping trend line from February 04. Also favoring the EUR/GBP sellers is the pair’s sustained trading below the key Hourly Moving Averages (HMAs).
As a result, bears can eye fresh positions below weekly horizontal support around 0.8750.
Following that, the monthly low of 0.8738, also the lowest since May 2020, will be the key as it holds the gate for extra south-run to April 2020 low near 0.8670.
Alternatively, an upside break of 100-HMA level of 0.8766 should renew buying interest targeting the stated resistance line and 200-HMA, respectively around 0.8770 and 0.8790.
However, any clear run-up past-0.8790 will help the EUR/GBP buyers to refresh the monthly peak surrounding 0.8860.
EUR/GBP hourly chart
Trend: Bearish
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.
