EUR/GBP Price Analysis: Bulls challenge 50-DMA/descending trend-line confluence hurdle

EUR/GBP adds to the previous day’s goodish positive move.
The set-up already seems to have shifted in favour of bulls.

Haresh Menghani FXStreet

The EUR/GBP cross added to the previous session's goodish intraday positive move and continued gaining some follow-through traction through the early European session on Thursday.

The momentum lifted the cross to over two-week tops, around the 0.8470 confluence region, comprising of 50-day SMA and a descending trend-line resistance extending from YTD tops.

Given the overnight sustained move beyond the 0.8390-0.8400 supply zone, a convincing break through the mentioned might now be seen as a fresh trigger for bullish traders.

Meanwhile, technical indicators on the daily chart have just started gaining bullish traction and add credence to the constructive set-up, supporting prospects for additional gains.

However, it will be prudent to wait for a sustained strength above the said confluence resistance before positioning for a move towards reclaiming the key 0.8500 psychological mark.

On the flip side, a rejection from the current resistance zone now seems to find some support near the 0.8410-0.8400 region, which should now act as a key pivotal point for short-term traders.

EUR/GBP daily chart

EUR/GBP

Overview
Today last price	0.8466
Today Daily Change	0.0034
Today Daily Change %	0.40
Today daily open	0.8432

Trends
Daily SMA20	0.8405
Daily SMA50	0.8468
Daily SMA100	0.8517
Daily SMA200	0.8748

Levels
Previous Daily High	0.8444
Previous Daily Low	0.8356
Previous Weekly High	0.8417
Previous Weekly Low	0.8282
Previous Monthly High	0.8598
Previous Monthly Low	0.8366
Daily Fibonacci 38.2%	0.8411
Daily Fibonacci 61.8%	0.8389
Daily Pivot Point S1	0.8377
Daily Pivot Point S2	0.8322
Daily Pivot Point S3	0.8288
Daily Pivot Point R1	0.8466
Daily Pivot Point R2	0.85
Daily Pivot Point R3	0.8555

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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