EUR/GBP Price Analysis: Bulls look to capture 20 SMA near 0.8570


  • EUR/GBP gathers momentum to trade higher in the European session.
  • Bulls find support at the double bottom formation near the 0.8550 mark.
  • Momentum oscillator holds onto the negative territory.

EUR/GBP manages to gather some upside movement following the previous heavy sell-off on Tuesday.

At the time of writing, EUR/GBP is trading at 0.8559, up 0.13% for the day.

EUR/GBP 4-hour chart

On the 4-hour chart, the EUR/GBP cross has been consolidating above the 0.8550 level, with multiple supports making it a critical level to trade. The descending trendline from the high of 0.8647 exerts selling pressure on the pair.

If price breaks the intraday high, then it could test the 20-day Simple Moving Average(SMA) at 0.8570 followed by the 0.8585  horizontal resistance level 

That said, the Moving Average Convergence Divergence (MACD) indicator which reads below the midline warns EUR/GBP bulls. Any uptick in the MACD would then push price higher toward the previous day’s high at 0.8601.

Alternatively, if price reverses, then it could crawl back to the low of June 21 in the vicinity of 0.8550 area.

A break below 0.8550 could ignite a fresh round of selling toward the levels last visible in March. The bears would be ready to occupy March 26 low at 0.8534 followed by the low made on March 29 at 0.8505.

EUR/GBP additional levels

EUR/GBP

Overview
Today last price 0.8559
Today Daily Change 0.0008
Today Daily Change % 0.09
Today daily open 0.8551
 
Trends
Daily SMA20 0.86
Daily SMA50 0.8631
Daily SMA100 0.8635
Daily SMA200 0.8828
 
Levels
Previous Daily High 0.8602
Previous Daily Low 0.855
Previous Weekly High 0.8628
Previous Weekly Low 0.8542
Previous Monthly High 0.8711
Previous Monthly Low 0.8561
Daily Fibonacci 38.2% 0.8569
Daily Fibonacci 61.8% 0.8582
Daily Pivot Point S1 0.8533
Daily Pivot Point S2 0.8515
Daily Pivot Point S3 0.8481
Daily Pivot Point R1 0.8585
Daily Pivot Point R2 0.862
Daily Pivot Point R3 0.8638

 

 

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