EUR/GBP Price Analysis: Eases from 10-week top but 200-DMA defends bulls

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.

Anil Panchal FXStreet

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

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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