• EUR/GBP accumulates minor gains on Monday.
  • Cross lacks directional strength, needs confirmation for additional gains.
  • Momentum oscillator favors downside momentum.

The EUR/GBP price moves cautiously with minor gains on the first trading day of the week. The cross confides in a very narrow trade band.

At the time of writing, EUR/GBP trades at 0.8595, up 0.06% for the day.

EUR/GBP daily chart

On the daily chart, the EUR/GBP cross has been consolidating near the 0.8590 mark. The cross moves under the broader rectangle formation between 0.8590-08720. The formation of Doji candlestick near the recent trading levels indicates indecisiveness among market participants. 

If price sustained below the session’s low, the level mentioned earlier,  then it could first target Friday’s low at 0.8575.

The receding Moving Average Convergence Divergence (MACD) indicator signals the impending downward movement of the cross-Currency pair. Any downtick in MACD would amplify the selling pressure toward the 0.8550 horizontal support level.

The price action also coincides with the breaking of the rectangle formation, which could prompt EUR/GBP bears to test the March 30 low at 0.8523.

Alternatively, if price decisively breaks the 0.8600 level, then it would crawl back to the 50-day Simple Moving Average (SMA) at 0.8625 followed by the 0.8650 horizontal resistance zone.

The next area of resistance would be the May 25 high at 0.8671 for the EUR/GBP cross.

EUR/GBP Additional Levels

EUR/GBP

Overview
Today last price 0.8597
Today Daily Change 0.0006
Today Daily Change % 0.07
Today daily open 0.8591
 
Trends
Daily SMA20 0.8624
Daily SMA50 0.8626
Daily SMA100 0.8679
Daily SMA200 0.8859
 
Levels
Previous Daily High 0.8607
Previous Daily Low 0.8575
Previous Weekly High 0.8672
Previous Weekly Low 0.8575
Previous Monthly High 0.872
Previous Monthly Low 0.8472
Daily Fibonacci 38.2% 0.8595
Daily Fibonacci 61.8% 0.8587
Daily Pivot Point S1 0.8575
Daily Pivot Point S2 0.8559
Daily Pivot Point S3 0.8543
Daily Pivot Point R1 0.8607
Daily Pivot Point R2 0.8622
Daily Pivot Point R3 0.8638

 


 

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