EUR/GBP Price Analysis: Clings to modest gains below 0.90, EU-UK trade meeting eyed


  • EUR/GBP gained some positive traction for the fifth straight session on Monday.
  • The cross struggled to preserve early gains beyond 0.90 mark, to two-week tops.
  • The near-term set-up supports prospects for the emergence of some dip-buying.

The EUR/GBP cross continued with its struggle to sustain above the key 0.9000 psychological mark and witnessed an intraday pullback of around 40-50 pips from two-week tops on Monday. Despite the downtick, the cross has managed to hold with modest daily gains for the fifth consecutive session and the downside remained limited ahead of the high-level EU-UK Brexit meeting.

Meanwhile, bullish oscillators on 4-hourly/daily charts support prospects for a further near-term appreciating move. Hence, any meaningful dips might still be seen as a buying opportunity. In the meantime, immediate support is pegged near the 0.8960 level, below which the cross is likely to accelerate the slide towards the 0.8925 intermediate support en-route the 0.8900 mark.

On the flip side, the 0.9000 mark, followed by the daily high near the 0.9025 level might act as immediate resistance, which if cleared might be seen as a fresh trigger for bullish traders. The cross might then could easily surpass late May swing highs, around the 0.9055 region, and aim towards reclaiming the 0.9100 mark with some intermediate resistance near the 0.9080 level.

EUR/GBP 4-hourly chart

fxsoriginal

Technical levels to watch

EUR/GBP

Overview
Today last price 0.8984
Today Daily Change 0.0007
Today Daily Change % 0.08
Today daily open 0.8977
 
Trends
Daily SMA20 0.8944
Daily SMA50 0.8836
Daily SMA100 0.8759
Daily SMA200 0.8693
 
Levels
Previous Daily High 0.8998
Previous Daily Low 0.8948
Previous Weekly High 0.9015
Previous Weekly Low 0.8864
Previous Monthly High 0.9054
Previous Monthly Low 0.8691
Daily Fibonacci 38.2% 0.8979
Daily Fibonacci 61.8% 0.8967
Daily Pivot Point S1 0.8951
Daily Pivot Point S2 0.8925
Daily Pivot Point S3 0.8902
Daily Pivot Point R1 0.9
Daily Pivot Point R2 0.9023
Daily Pivot Point R3 0.9049

 

 

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