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.

Anil Panchal FXStreet

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

Additional important levels

Overview
Today last price	0.8757
Today Daily Change	-4 pips
Today Daily Change %	-0.05%
Today daily open	0.8761

Trends
Daily SMA20	0.8837
Daily SMA50	0.8956
Daily SMA100	0.899
Daily SMA200	0.8999

Levels
Previous Daily High	0.878
Previous Daily Low	0.8752
Previous Weekly High	0.886
Previous Weekly Low	0.8738
Previous Monthly High	0.9085
Previous Monthly Low	0.8812
Daily Fibonacci 38.2%	0.8763
Daily Fibonacci 61.8%	0.8769
Daily Pivot Point S1	0.8748
Daily Pivot Point S2	0.8736
Daily Pivot Point S3	0.872
Daily Pivot Point R1	0.8777
Daily Pivot Point R2	0.8793
Daily Pivot Point R3	0.8806

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.

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