EUR/GBP Price Analysis: Crosses 0.8460 key hurdle, monthly peak eyed

EUR/GBP takes the bids to refresh intraday high.
Bulls piece seven-week-old descending trend line, 200-SMA amid firmer oscillators.
Monthly horizontal support restricts immediate downside, 61.8% Fibonacci retracement adds to the upside filters.

Anil Panchal FXStreet

EUR/GBP bulls pierce the 0.8460 resistance confluence while extending the previous day’s rebound during early Thursday morning in Europe.

That said, a convergence of the 200-SMA and a downward sloping trend line from July 01 highlights the 0.8460 level as the key hurdle for buyers.

Given the bullish MACD signals and recently firmer RSI, coupled with the sustained trading beyond the monthly horizontal support area near the 0.8400 round figure, the EUR/GBP buyers are likely to keep the reins.

With this, the upside momentum currently aims for the monthly high, marked in the last week at around 0.8495.

Following that, the 61.8% Fibonacci retracement of the July-August downside, around 0.8550, could act as an intermediate halt during the likely run-up towards the July 21 peak of 0.8585.

On the flip side, pullback moves remain elusive until staying beyond the aforementioned horizontal support near 0.8400.

Even if the EUR/GBP/ bears manage to conquer the 0.8400 support, multiple levels surrounding 0.8345-40 could challenge the quote’s further downside before directing the prices towards the 0.8300 round figure.

EUR/GBP: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.8459
Today Daily Change	0.0011
Today Daily Change %	0.13%
Today daily open	0.8448

Trends
Daily SMA20	0.8429
Daily SMA50	0.8502
Daily SMA100	0.8471
Daily SMA200	0.8438

Levels
Previous Daily High	0.845
Previous Daily Low	0.8388
Previous Weekly High	0.8493
Previous Weekly Low	0.841
Previous Monthly High	0.8679
Previous Monthly Low	0.8346
Daily Fibonacci 38.2%	0.8427
Daily Fibonacci 61.8%	0.8412
Daily Pivot Point S1	0.8407
Daily Pivot Point S2	0.8367
Daily Pivot Point S3	0.8345
Daily Pivot Point R1	0.847
Daily Pivot Point R2	0.8491
Daily Pivot Point R3	0.8532

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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