EUR/GBP Price Analysis: Corrective pullback needs validation from 0.8470

EUR/GBP bounces off monthly low to snap three-day declines.
Bullish MACD signals hint at further rebound but 50-HMA, weekly resistance line tests immediate upside.
Sellers remain on the way to yearly low until crossing 200-HMA.

Anil Panchal FXStreet

EUR/GBP rises 0.10% on a day to post the first daily upside in four around 0.8455, retreating from the intraday top during Friday’s European morning.

Although the bullish MACD signals keep the EUR/GBP pair buyers hopeful, a convergence of short-term descending trend line and 50-HMA, around 0.8470 restricts the quote’s nearby advances.

Also acting as an upside filter is the 0.8480 level and the 200-HMA surrounding 0.8505.

In a case where the EUR/GBP prices remain firmer past 0.8505, the weekly top of 0.8550 should lure the bulls.

Alternatively, fresh declines may initially aim for 0.8440 and the recent lows near 0.8415.

However, any further weakness past 0.8415 won’t hesitate to challenge the yearly low of 0.8380, marked in November.

EUR/GBP: Hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.8455
Today Daily Change	0.0009
Today Daily Change %	0.11%
Today daily open	0.8446

Trends
Daily SMA20	0.8513
Daily SMA50	0.8484
Daily SMA100	0.8514
Daily SMA200	0.8556

Levels
Previous Daily High	0.8498
Previous Daily Low	0.8416
Previous Weekly High	0.8553
Previous Weekly Low	0.8454
Previous Monthly High	0.8595
Previous Monthly Low	0.8381
Daily Fibonacci 38.2%	0.8447
Daily Fibonacci 61.8%	0.8467
Daily Pivot Point S1	0.8408
Daily Pivot Point S2	0.8371
Daily Pivot Point S3	0.8326
Daily Pivot Point R1	0.8491
Daily Pivot Point R2	0.8536
Daily Pivot Point R3	0.8573

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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