EUR/GBP Price Analysis: Divergent spinning tops portray indecision around 0.8900


  • EUR/GBP edges higher amid mixed sentiment ahead of UK jobs report.
  • Recent candlestick formations back continuation of sideways performance.
  • 61.8% Fibonacci retracement becomes the key support, bulls look for entry beyond the 2.5-month-old resistance line.

EUR/GBP remains sidelined below 0.8600, up 0.06% around 0.8590 heading into Tuesday’s London open.

In doing so, the cross-currency pair keeps bounce off 61.8% Fibonacci retracement of April month’s upside. However, contrasting candlestick formations, portrayed during Friday and Monday on the daily chart, suggest further grinding of the quote.

Hence, the latest recovery moves shouldn’t be considered serious unless crossing the downward sloping trend line from April 30, near 0.8630.

On the contrary, pullback moves will be noted as minor until staying beyond the key Fibonacci retracement level near 0.8565.

It’s worth noting that 50% and 38.2% Fibonacci retracement levels of 0.8595 and 0.8625 add to the upside filters whereas the previous month’s low of 0.8560 offers additional support to the quote.

Also read: When are the UK jobs and how could they affect GBP/USD?

EUR/GBP daily chart

Trend: Sideways

Additional important levels

Overview
Today last price 0.8591
Today Daily Change 0.0004
Today Daily Change % 0.05%
Today daily open 0.8587
 
Trends
Daily SMA20 0.8609
Daily SMA50 0.8635
Daily SMA100 0.8649
Daily SMA200 0.8842
 
Levels
Previous Daily High 0.8606
Previous Daily Low 0.8572
Previous Weekly High 0.8643
Previous Weekly Low 0.8568
Previous Monthly High 0.8711
Previous Monthly Low 0.8561
Daily Fibonacci 38.2% 0.8593
Daily Fibonacci 61.8% 0.8585
Daily Pivot Point S1 0.8571
Daily Pivot Point S2 0.8555
Daily Pivot Point S3 0.8538
Daily Pivot Point R1 0.8604
Daily Pivot Point R2 0.8622
Daily Pivot Point R3 0.8638

 

 

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