EUR/GBP Price Analysis: Bulls probe 100-day SMA near 0.8585

EUR/GBP remains muted in the Asian session on Tuesday.
The ascending trendline from the monthly lows acts as defensive for the bulls.
Momentum oscillators hold onto the overbought zone warns against aggressive bets.

Rekha Chauhan Independent Analyst

EUR/GBP edges lower after the previous session’s upside momentum. The pair trades in a very tight trade band.

At the time of writing, EUR/GBP is trading at 0.8577, down 0.04% for the day.

EUR/GBP daily chart

On the daily chart, the EUR/GBP cross has been in the constant upside momentum after making a low of 0.8450 on August 10. However, the price faces some consolidation near 0.8580 with multiple top formations.

Currently, the price moves along with ascending trending line from the mentioned low level.

A sustained move above the 100-day Simple Moving Average (SMA) at 0.8585 would prompt bulls to take out Thursday’s high at 0.8600.

In doing so, EUR/GBP bulls would then make a way to reach the 0.8620 horizontal resistance level.

The Moving Average Convergence Divergence (MACD) indicator trades in the overbought zone. Any uptick in the MACD would encourage bulls to retest the 0.8640 horizontal resistance level.

Alternatively, if price moves lower, in that case, the first downside target emerges at the previous session’s low at 0.8566.

Next, the bears would aim at the 0.8550 and the 0.8535 horizontal support levels.

EUR/GBP additional levels

EUR/GBP

Overview
Today last price	0.8578
Today Daily Change	-0.0004
Today Daily Change %	-0.05
Today daily open	0.8582

Trends
Daily SMA20	0.8548
Daily SMA50	0.855
Daily SMA100	0.8585
Daily SMA200	0.8692

Levels
Previous Daily High	0.8586
Previous Daily Low	0.8566
Previous Weekly High	0.8603
Previous Weekly Low	0.8562
Previous Monthly High	0.8599
Previous Monthly Low	0.845
Daily Fibonacci 38.2%	0.8578
Daily Fibonacci 61.8%	0.8574
Daily Pivot Point S1	0.857
Daily Pivot Point S2	0.8558
Daily Pivot Point S3	0.855
Daily Pivot Point R1	0.859
Daily Pivot Point R2	0.8598
Daily Pivot Point R3	0.8609

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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