• EUR/GBP retreats from two-month tops, pressured around intraday low of late.
  • Firmer Momentum, sustained break of 200-DMA directs bulls to multi-day-old resistance line.
  • Fortnight-old support line adds to the downside filters.

EUR/GBP stays pressured around intraday low surrounding 0.8580, consolidating the biggest daily gains since late September. The cross-currency pair crossed the 200-DMA the previous day to mark a notable rally.

The latest pullback seems to direct the quote back to the aforementioned key SMA, near 0.8560 at the latest, but any further downside isn’t backed by an upward sloping Momentum line.

Even if the quote breaks the 200-DMA level of 0.8560, an ascending trend line from November 24, at 0.8510 by the press time, also challenges the EUR/GBP sellers.

In a case where the pair drops below 0.8510, the 0.8500 threshold and the monthly low of 0.8488 will probe the bears before directing them to August month’s bottom around 0.8450.

Meanwhile, further upside will aim for the 0.8600 round figure and then to the descending resistance line from late April, near 0.8630.

It’s worth noting that the EUR/GBP rally beyond 0.8630 will reverse the downtrend and propel the quote towards September’s high close to 0.8660.

EUR/GBP: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 0.8581
Today Daily Change 0.0000
Today Daily Change % 0.00%
Today daily open 0.8581
 
Trends
Daily SMA20 0.8474
Daily SMA50 0.8485
Daily SMA100 0.8516
Daily SMA200 0.856
 
Levels
Previous Daily High 0.8586
Previous Daily Low 0.8506
Previous Weekly High 0.8551
Previous Weekly Low 0.8446
Previous Monthly High 0.8595
Previous Monthly Low 0.8381
Daily Fibonacci 38.2% 0.8555
Daily Fibonacci 61.8% 0.8537
Daily Pivot Point S1 0.853
Daily Pivot Point S2 0.8479
Daily Pivot Point S3 0.8451
Daily Pivot Point R1 0.8609
Daily Pivot Point R2 0.8637
Daily Pivot Point R3 0.8688

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD retreating from around 0.7000

AUD/USD retreating from around 0.7000

The AUD/USD pair hit 0.7008 before retreating, following US stocks’ behavior. Wall Street benefited from easing US government bond yields but ended the day mixed ahead of critical US data.

AUD/USD News

EURUSD bulls losing the battle around 1.0200

EURUSD bulls losing the battle around 1.0200

EUR/USD edged higher on Monday, but remains unable to clear the 1.0200 threshold, trading a handful of pips below the figure. The energy crisis in Europe and tensions with Russia undermined demand for the EUR.

EUR/USD News

Gold bulls looking to overcome the $1,800 barrier

Gold bulls looking to overcome the $1,800 barrier

Gold advanced on Monday, reaching an intraday high of $1,790.01 a troy ounce during the American afternoon, holding nearby. The greenback gave back the Nonfarm Payrolls report-inspired gains and eased on the back of retreating US government bond yields.

Gold News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Are your bags packed for FOMO Season?

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Are your bags packed for FOMO Season?

The crypto market shows strength to start the second trading week of August, and key levels have been identified. Although it's still early market, current prices may be the ultimate discount in hindsight.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures