EUR/GBP Price Analysis: Consolidates biggest losses in three weeks below 0.8600

EUR/GBP bears take a breather around 12-day bottom, keeps downside break of two-month-old rising trend line.
Sellers tease bearish crossover around 0.8625, 61.8% Fibonacci retracement offers immediate support.

Anil Panchal FXStreet

EUR/GBP struggles to recover from a two-week low while taking rounds to 0.8585 during Friday’s Asian trading session. In doing so, the cross-currency pair keeps the previous day’s downside break of an ascending trend line from early April.

Given the downward sloping RSI and the sustained support break, EUR/GBP can extend the latest fall towards 61.8% Fibonacci retracement of April’s upside, near 0.8565.

With this, the quote will be able to confirm the bearish crossover between 21-day SMA and 50-day SMA, which in turn could help the sellers to attack the monthly bottom around 0.8560.

Meanwhile, a corrective pullback beyond the stated support line, now resistance close to 0.8600, will have a tough time cracking the 0.8625 confluence including the stated SMAs and 50% Fibonacci retracement level.

In a case where the EUR/GBP prices rally beyond 0.8625, bulls can the latest swing high of 0.8670 will be crossed in search of the 0.8700 threshold.

EUR/GBP daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.8585
Today Daily Change	1 pip
Today Daily Change %	0.01%
Today daily open	0.8584

Trends
Daily SMA20	0.8629
Daily SMA50	0.8626
Daily SMA100	0.8683
Daily SMA200	0.8861

Levels
Previous Daily High	0.8647
Previous Daily Low	0.8582
Previous Weekly High	0.8643
Previous Weekly Low	0.8582
Previous Monthly High	0.872
Previous Monthly Low	0.8472
Daily Fibonacci 38.2%	0.8607
Daily Fibonacci 61.8%	0.8622
Daily Pivot Point S1	0.8562
Daily Pivot Point S2	0.8539
Daily Pivot Point S3	0.8497
Daily Pivot Point R1	0.8627
Daily Pivot Point R2	0.8669
Daily Pivot Point R3	0.8692

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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