EUR/GBP Price Analysis: Corrective bounce remains elusive below 0.8640

EUR/GBP extends previous week’s rebound from yearly low amid oversold RSI.
Support-turned-resistance line, bearish MACD signals challenge pair buyers.
11-month-old horizontal support area appears a tough nut to crack for bears.

Anil Panchal FXStreet

EUR/GBP picks up bids to stretch the previous week’s recovery from the lowest levels in 2023 heading into Monday’s European session. In doing so, the cross-currency pair justifies the oversold RSI (14) line to print the two-day rebound.

However, the previous support line from March 15, around 0.8640 by the press time, as well as the bearish MACD signals, challenge the EUR/GBP pair buyers.

Even if the quote crosses the 0.8640 hurdle, the 61.8% Fibonacci retracement of its August-September 2022 upside, near 0.8690, quickly followed by the 0.8700 round figure, can challenge the EUR/GBP bulls.

It’s worth noting that the 200-DMA level surrounding 0.8755 acts as the last defense of the EUR/GBP bears, a break of which could convince pair buyers to aim for the previous monthly high of 0.8834.

On the flip side, EUR/GBP sellers need validation from the 0.8600 round to return to the table.

Even so, a horizontal area comprising multiple levels marked since July 2022, close to 0.8550-40 by the press time, appears a tough nut to crack for the pair bears before approaching the late 2022 trough of around 0.8340.

Overall, EUR/GBP is likely to pare the latest monthly loss but the room towards the north appears limited.

EUR/GBP: Daily chart

Trend: Limited recovery expected

Additional important levels

Overview
Today last price	0.8612
Today Daily Change	0.0011
Today Daily Change %	0.13%
Today daily open	0.8601

Trends
Daily SMA20	0.8676
Daily SMA50	0.8751
Daily SMA100	0.8792
Daily SMA200	0.8755

Levels
Previous Daily High	0.8605
Previous Daily Low	0.8578
Previous Weekly High	0.8695
Previous Weekly Low	0.8568
Previous Monthly High	0.8835
Previous Monthly Low	0.8583
Daily Fibonacci 38.2%	0.8595
Daily Fibonacci 61.8%	0.8589
Daily Pivot Point S1	0.8585
Daily Pivot Point S2	0.8568
Daily Pivot Point S3	0.8558
Daily Pivot Point R1	0.8611
Daily Pivot Point R2	0.8622
Daily Pivot Point R3	0.8638

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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