EUR/GBP Price Analysis: Buyers again aim for 100-DMA breakout

EUR/GBP extends the previous day’s recovery moves, refreshes intraday high.
Sustained trading beyond 50-DMA, fortnight-old support line favor buyers.

Anil Panchal FXStreet

EUR/GBP takes the bids near 0.8585, up 0.06% intraday, amid the Asian session on Friday. The cross-currency pair jumped the most in a week the previous day after 50-DMA and an ascending trend line from August 12 pushed back the bears.

The upside momentum takes clues from the bullish MACD to signal further advances targeting the 100-DMA level of 0.8590. Also challenging the pair buyers is the 0.8600 threshold.

It should be noted, however, that the quote’s successful trading above the 0.8600 level enables it to challenge the four-month-long resistance line close to 0.8650.

On the contrary, the aforementioned immediate support line around 0.8565 precedes a 50-DMA level of 0.8548 to restrict short-term EUR/GBP declines.

However, a daily closing below 0.8548 will direct the sellers towards a six-week-old horizontal area near 0.8500 before highlighting the monthly low of 0.8450.

EUR/GBP: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.8584
Today Daily Change	0.0005
Today Daily Change %	0.06%
Today daily open	0.8579

Trends
Daily SMA20	0.8523
Daily SMA50	0.8549
Daily SMA100	0.8592
Daily SMA200	0.8704

Levels
Previous Daily High	0.8584
Previous Daily Low	0.855
Previous Weekly High	0.8591
Previous Weekly Low	0.8484
Previous Monthly High	0.867
Previous Monthly Low	0.85
Daily Fibonacci 38.2%	0.8571
Daily Fibonacci 61.8%	0.8563
Daily Pivot Point S1	0.8558
Daily Pivot Point S2	0.8537
Daily Pivot Point S3	0.8524
Daily Pivot Point R1	0.8592
Daily Pivot Point R2	0.8605
Daily Pivot Point R3	0.8626

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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