EUR/GBP Price Analysis: Bulls keep eyes on 0.8600

EUR/GBP remains muted in the Asian session on Tuesday.
Price moves in a broader trading range of 0.8500 and 0.8600.
Momentum oscillators trade with positive bias.

Rekha Chauhan Independent Analyst

EUR/GBP trades mildly lower following the previous session’s splendid gains. The pair hovers in a very narrow trade band with no meaningful traction. At the time of writing, EUR/GBP is trading at 0.8585, down 0.02% for the day.

EUR/GBP daily chart

On the daily chart, the EUR/GBP cross-currency pair has been trading in a broader trading range of 0.8500 and 0.8600, which constitutes a rectangle technical formation starting from August 19.

Currently, the price moves along with the higher trendline of the mentioned rectangle price pattern.

A break of the formation on the higher side would ignite a fresh round of buying pressure in the pair with the first upside target appearing at the 0.8620 horizontal resistance level. In doing so, EUR/GBP bulls would then make a way to reach the 0.8640 horizontal resistance level.

The Moving Average Convergence Divergence (MACD) indicator trades above the midline with a bullish crossover. Any uptick in the MACD would encourage bulls to retest the high made in the month of July at 0.8669 (July 20).

Alternatively, if the price moves lower in that case, the bears would meet the 20-day Simple Moving Average (SMA) at 0.8565. Next, EUR/GBP bears would aim at the previous day’s low of 0.8532 followed by the lower trendline of the channel at 0.8500.

EUR/GBP additional levels

Overview
Today last price	0.8585
Today Daily Change	-0.0002
Today Daily Change %	-0.02
Today daily open	0.8587

Trends
Daily SMA20	0.8565
Daily SMA50	0.8547
Daily SMA100	0.8573
Daily SMA200	0.8667

Levels
Previous Daily High	0.8595
Previous Daily Low	0.8532
Previous Weekly High	0.8563
Previous Weekly Low	0.8501
Previous Monthly High	0.8599
Previous Monthly Low	0.845
Daily Fibonacci 38.2%	0.8571
Daily Fibonacci 61.8%	0.8556
Daily Pivot Point S1	0.8548
Daily Pivot Point S2	0.8509
Daily Pivot Point S3	0.8485
Daily Pivot Point R1	0.861
Daily Pivot Point R2	0.8634
Daily Pivot Point R3	0.8673

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.

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