- EUR/GBP retreats from intraday high during two-day rebound from 23-month low.
- 20-SMA adds strength to the short-term resistance, RSI rebound hints at further upside.
- February 2020 lows can lure bears, fortnight-old descending trend line adds to the upside filters.
EUR/GBP struggles to extend the previous day’s bounce off February 2020 levels while heading into Thursday’s European session. That said, the cross-currency pair steps back from short-term descending trend line to 0.8357, up 0.13% intraday, by the press time.
Although the 20-SMA joins a downward sloping resistance line from December 21 to restrict short-term EUR/GBP upside around 0.8360, RSI recovery from the oversold region hint at further advances.
Hence, a clear run-up beyond 0.8360 is eyed before challenging a two-week-long resistance line near the 0.8400 round figure.
It should be noted, however, that a clear upside break of 0.8400 enables EUR/GBP buyers to aim for the 100-SMA level surrounding 0.8445.
On the flip side, a two-day-old ascending support line at 0.8338 restricts immediate declines of the EUR/GBP pair ahead of directing it to the February 2020 low of 0.8282.
Overall, EUR/GBP bears keep the reins but a corrective pullback can’t be ruled out.
EUR/GBP: Four-hour chart
Trend: Further upside expected
Additional important levels
|Today last price||0.8359|
|Today Daily Change||0.0011|
|Today Daily Change %||0.13%|
|Today daily open||0.8348|
|Previous Daily High||0.8372|
|Previous Daily Low||0.8335|
|Previous Weekly High||0.8455|
|Previous Weekly Low||0.8368|
|Previous Monthly High||0.86|
|Previous Monthly Low||0.8368|
|Daily Fibonacci 38.2%||0.8358|
|Daily Fibonacci 61.8%||0.8349|
|Daily Pivot Point S1||0.8331|
|Daily Pivot Point S2||0.8314|
|Daily Pivot Point S3||0.8294|
|Daily Pivot Point R1||0.8368|
|Daily Pivot Point R2||0.8389|
|Daily Pivot Point R3||0.8405|
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