EUR/GBP Price Analysis: Descent stalls at crucial support at around 0.8620s

EUR/GBP lingers at 0.8631, with 0.8628 emerging as a formidable demand zone.
A breach below 0.8628 could unlock targets at 0.8605 and the pivotal 0.8600.
Recovery above 0.8655 may pave the way for a test of the crucial 0.8700 barrier.

Christian Borjon Valencia FXStreet

EUR/GBP prolongs its agony to seven straight days of losses, though it is capped on the downside by the latest cycle low reached on September 28 at 0.8628, which has acted as a strong demand zone. At the time of writing, the cross-currency pair is trading at 0.8631, losing 0.03%.

The daily chart portrays the pair as neutral to downward biased, but EUR/GBP sellers remain unable to crack 0.8628. A breach of the latter, and the 50-day moving average (DMA) at 0.8605 would be up for grabs, before challenging 0.8600. Once cleared, the next support would be the year-to-date (YTD) low of 0.8492.

Conversely, if EUR/GBP buyers lift the spot price past the October 10 daily high of 0.8655, they could test the 200-DMA and the 0.8700 figure confluence. A decisive break would expose the 0.8750 area, followed by the May 3 daily high at 0.8834.

EUR/GBP Price Action – Daily chart

EUR/GBP Technical Levels

EUR/GBP

Overview
Today last price	0.8632
Today Daily Change	-0.0002
Today Daily Change %	-0.02
Today daily open	0.8634

Trends
Daily SMA20	0.8646
Daily SMA50	0.8607
Daily SMA100	0.86
Daily SMA200	0.8704

Levels
Previous Daily High	0.8658
Previous Daily Low	0.8632
Previous Weekly High	0.8691
Previous Weekly Low	0.864
Previous Monthly High	0.8706
Previous Monthly Low	0.8524
Daily Fibonacci 38.2%	0.8642
Daily Fibonacci 61.8%	0.8648
Daily Pivot Point S1	0.8625
Daily Pivot Point S2	0.8615
Daily Pivot Point S3	0.8598
Daily Pivot Point R1	0.8651
Daily Pivot Point R2	0.8668
Daily Pivot Point R3	0.8678

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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