EUR/GBP Price Analysis: Breaks through a one-month old descending channel


  • EUR/GBP built on its goodish intraday positive move and shot to near two-week tops.
  • The technical set-up favours bullish traders and supports prospects for additional gains.

The EUR/GBP cross added to its intraday gains and climbed further beyond the 0.9100 round-figure mark, hitting near two-week tops in the last hour.

Given that the cross has been showing some resilience below 100-day SMA, sustained move beyond a one-month-old descending channel seemed to have prompted some technical buying. The near-term bullish breakout is further reinforced by the fact that technical indicators on the daily chart have just started gaining positive momentum.

The set-up might have already shifted back in favour of bullish traders and momentum seems strong enough to push the pair back towards monthly swing highs, around the 0.9160 region. Some follow-through buying has the potential to lift the EUR/GBP cross further beyond the 0.9200 round-figure mark, towards the 0.9220 resistance zone.

On the flip side, any pullback from higher levels might now be seen as a buying opportunity and remain limited near the 0.9100-0.9090 region. That said, failure to defend the mentioned support might turn the EUR/GBP cross vulnerable to slide back to challenge 100-day SMA support, currently near the 0.9040 region, en-route the key 0.9000 psychological mark.

EUR/GBP daily chart

fxsoriginal

Technical levels to watch

EUR/GBP

Overview
Today last price 0.9125
Today Daily Change 0.0033
Today Daily Change % 0.36
Today daily open 0.9092
 
Trends
Daily SMA20 0.9097
Daily SMA50 0.9064
Daily SMA100 0.9041
Daily SMA200 0.8881
 
Levels
Previous Daily High 0.9098
Previous Daily Low 0.9022
Previous Weekly High 0.9122
Previous Weekly Low 0.9007
Previous Monthly High 0.9292
Previous Monthly Low 0.8866
Daily Fibonacci 38.2% 0.9069
Daily Fibonacci 61.8% 0.9051
Daily Pivot Point S1 0.9043
Daily Pivot Point S2 0.8995
Daily Pivot Point S3 0.8968
Daily Pivot Point R1 0.9119
Daily Pivot Point R2 0.9146
Daily Pivot Point R3 0.9194

 

 

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


Latest Forex News

Editors’ Picks

AUD/USD sits at two-month highs near 0.7375

AUD/USD keeps its range near two-month highs of 0.7375 despite a big miss on the Australian Q3 Capex data. The bulls retain control as the US dollar remains on the back foot across the board, in the face of renewed US economic growth concerns. 

AUD/USD News

USD/JPY revisits Wednesday's low as weak US data keeps dollar under pressure

USD/JPY drops over 20 pips in Asia to test Wednesday's low. USD/JPY is feeling the pull of gravity with the dollar drawing offers, possibly on disappointing US data released Wednesday. Disappointing US jobs data and dovish Fed minutes weigh over the dollar.

USD/JPY News

Gold hovers within the range of Wednesday's Doji candle

Gold's daily chart shows signs of indecision in the market. Wed's high and low are levels to beat for bulls and bears, respectively. A Doji candle represents indecision in the market and makes the following day's close pivotal.

Gold news

Markets return to normal, and traders may be loving it

Calendar comeback – currencies begin moving to the tune of economic indicators, a welcome return for traders. Valeria Bednarik, Joseph Trevisani, and Yohay Elam discuss the latest market moves and what to expect in the final stretch of 2020 and beyond.

Read more

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info

Forex MAJORS

Cryptocurrencies

Signatures