EUR/GBP Price Analysis: Bulls defend daily support near 0.8520

EUR/GBP manages to trade higher on Friday in the Asian trading session.
Cross is not in the mood to give up 0.8520 easily to bears.
Momentum oscillators hold onto the oversold zone warrants caution against aggressive bets.

Rekha Chauhan Independent Analyst

EUR/GBP prints some gains on the last trading day of the week. The pair confides in a narrow trade band with a mildly bullish bias.

At the time of writing, EUR/GBP is trading at 0.8516, down 0.05% for the day.

EUR/GBP daily chart

On the daily chart, the EUR/GBP cross has been consolidating near 0.8520 level with the formation of three Doji Candlesticks, which indicates indecisiveness among the traders.

A sustained move below the intraday low would meet with the first support at the 0.8500 horizontal support level.

A daily close below 0.8500 will open the gates for the April 6 low level placed at 0.8485.

The Moving Average Convergence Divergence (MACD) indicator trades in the oversold zone. Any downtick in the MACD would prompt bears to retest the low in the vicinity of 0.8470 made on April 5.

Alternatively, if price moves higher, it will shrug off the current downside momentum. In that case, the first upside target emerges at the 0.8530 horizontal resistance level.

The next upside target appears at the 0.8560 horizontal resistance level followed by the high of July 23 at 0.8584.

EUR/GBP additional levels

EUR/GBP

Overview
Today last price	0.8516
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	0.8516

Trends
Daily SMA20	0.856
Daily SMA50	0.8581
Daily SMA100	0.8601
Daily SMA200	0.8752

Levels
Previous Daily High	0.852
Previous Daily Low	0.85
Previous Weekly High	0.867
Previous Weekly Low	0.8541
Previous Monthly High	0.8646
Previous Monthly Low	0.8531
Daily Fibonacci 38.2%	0.8508
Daily Fibonacci 61.8%	0.8512
Daily Pivot Point S1	0.8504
Daily Pivot Point S2	0.8492
Daily Pivot Point S3	0.8484
Daily Pivot Point R1	0.8524
Daily Pivot Point R2	0.8532
Daily Pivot Point R3	0.8544

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

AUD/USD climbs toward 0.7000 after strong China data dump

AUD/USD attracts follow-through buyers for the second straight day on Monday, extending last week's recovery toward 0.7000 in Monday's Asian trading. Strong Chniese Q3 GDP and activity data for September strengthen the pair's advance, following RBA Assistant Governor Chris Kent's hawkish remarks.

USD/JPY struggles near 158.00 amid hawkish BoJ, subdued USD

USD/JPY remains defensive near 158.00 in the Asian session on Monday, as the US Dollar remains depressed near a two-week low amid the recent decline in US bond yields. Furthermore, looming intervention risks underpin the Japanese Yen and weigh on the pair amid BoJ Governor Kazuo Ueda's hawkish remarks. However, Fed rate-hike bets and geopolitical uncertainties could limit USD losses and the major.

Gold drops to daily lows below $4,150

Gold builds on Friday’s retracement and slips back below the $4,150 mark per troy ounce on Monday. The better tone in the US Dollar and a decent bounce in US Treasury yields across the curve keep the yellow metal under pressure for now.

Crypto Today: Bitcoin, Ethereum, XRP extend recovery despite ETFs outflows

Bitcoin edges higher above $82,000, building strong structural support despite roughly $229 million in ETF outflows last week. Ethereum recovers above $2,400 as bulls strive to regain trend control, backed by a subtle recovery in momentum indicators.

Higher than expected inflation shakes markets: What to prepare for?

US CPI report came in stronger than expected, lifting the probability of a December rate hike higher once again. Even though Fed Chair Warsh reinforced expectations of a hold for the October’s meeting, markets now face a two-step event: a likely pause on October 28, followed by an interest rate hike on December 9.

The US Dollar fell. Gold didn't rally. That tells you everything

Gold (XAU/USD) is struggling to capitalize on a weaker US Dollar (USD), after repeatedly failing to establish itself above the $4,200 level. The precious metal remains confined to a relatively narrow trading range despite a combination of developments that would normally support higher prices.