EUR/GBP Price Analysis: Clings near multi-day low at 0.8580

EUR/GBP defensive near 0.8580 in the early European session.
Bulls face rejection near 0.8700 on the daily chart.
Negative momentum oscillators favor downside momentum.

Rekha Chauhan Independent Analyst

The EUR/GBP cross remains subdued ahead of the European session. The pair remained in a very tight price band of 0.8580 and 0.8620 two days in a row.

At the time of writing, EUR/GBP is trading at 0.8587, down 0.01% on the day

EUR/GBP daily chart

On the daily chart, the EUR/GBP cross has been consolidating near Monday’s lows of 0.8588 for the third straight session.

The receding Moving Average Convergence Divergence (MACD) indicator hints at continuation of the downward pressure on the price. The bears would first locate 0.8550 and later the 0.8510 horizontal support zone.

The next area of support would be April 6 lows at 0.8485.

Alternatively, upon moving higher the first hurdle for the bulls could be found near the 20-hour Simple Moving Average (SMA) at 0.8615, followed by the 0.8650 horizontal resistance zone.

The price could retest Monday’s high at 0.8700 following the previous price movement.

EUR/GBP Additional Levels

EUR/GBP

Overview
Today last price	0.8587
Today Daily Change	-0.0001
Today Daily Change %	-0.01
Today daily open	0.8588

Trends
Daily SMA20	0.8666
Daily SMA50	0.8619
Daily SMA100	0.8732
Daily SMA200	0.8885

Levels
Previous Daily High	0.8614
Previous Daily Low	0.8582
Previous Weekly High	0.8711
Previous Weekly Low	0.8624
Previous Monthly High	0.872
Previous Monthly Low	0.8472
Daily Fibonacci 38.2%	0.8594
Daily Fibonacci 61.8%	0.8602
Daily Pivot Point S1	0.8576
Daily Pivot Point S2	0.8563
Daily Pivot Point S3	0.8544
Daily Pivot Point R1	0.8607
Daily Pivot Point R2	0.8626
Daily Pivot Point R3	0.8639

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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