EUR/GBP Price Analysis: Confined in a narrow range around mid-0.8900s


  • EUR/GBP consolidated in a range below multi-week tops set on Thursday.
  • The near-term technical set-up still seems tilted in favour of bullish traders.

The EUR/GBP cross extended its sideways consolidative price action through the early part of European trading session on Friday and held below eight-week tops set on Thursday.

The cross stalled its recent appreciating move near the key 0.9000 psychological mark. The mentioned level coincides with the 38.2% Fibonacci level of the 0.9500-0.8671 fall and should now act as a key pivotal point for the pair's next leg of a directional move.

Meanwhile, technical indicators on the 1-hourly charts have been drifting lower in the bearish territory and point to some weakness. However, bullish oscillators on 4-hourly/daily charts support prospects for the emergence of some dip-buying.

Hence, any subsequent slide towards the 0.8900 round-figure mark might still be seen as an opportunity to initiate fresh bullish positions. This, in turn, should help limit any meaningful fall near the 0.8875 support zone – 23.6% Fibo. level.

On the flip side, bulls are likely to wait for some follow-through buying above the 0.9000 mark before placing fresh bets. The cross might then accelerate the move towards the 0.9060-65 intermediate resistance en-route 50% Fibo. level near the 0.9100 round-figure mark.

EUR/GBP daily chart

fxsoriginal

Technical levels to watch

EUR/GBP

Overview
Today last price 0.8949
Today Daily Change -0.0011
Today Daily Change % -0.12
Today daily open 0.896
 
Trends
Daily SMA20 0.8806
Daily SMA50 0.8874
Daily SMA100 0.8689
Daily SMA200 0.8703
 
Levels
Previous Daily High 0.9
Previous Daily Low 0.8946
Previous Weekly High 0.894
Previous Weekly Low 0.8722
Previous Monthly High 0.8911
Previous Monthly Low 0.8671
Daily Fibonacci 38.2% 0.8967
Daily Fibonacci 61.8% 0.8979
Daily Pivot Point S1 0.8937
Daily Pivot Point S2 0.8915
Daily Pivot Point S3 0.8883
Daily Pivot Point R1 0.8991
Daily Pivot Point R2 0.9023
Daily Pivot Point R3 0.9045

 

 

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