• EUR/GBP pokes intraday high, snaps two-day downtrend.
  • Steady RSI line favor recovery moves towards 10-week-old resistance line.
  • Key Fibonacci retracement levels, 200-DMA act as additional resistances.

EUR/GBP prints the biggest daily gains of the week, up 0.14% intraday around 0.8525 heading into Wednesday’s London open.

The cross-currency pair dropped to a one-week low the previous day before bouncing off 50-DMA and 38.2% Fibonacci retracement (Fibo.) of September-November declines.

Although the firmer RSI line favors the latest recovery, a clear break of the 50% Fibo. level near 0.8520 becomes necessary for the bulls to keep reins.

Following that, a descending trend line from late October and 61.8% Fibonacci retracement level, respectively around 0.8545 and 0.8555, will challenge the EUR/GBP buyers.

It should be noted, however, that the pair’s run-up beyond 0.8555 will need validation from the 200-DMA level of 0.8560.

Alternatively, a daily closing below the 50-DMA level around 0.8480 will highlight multiple supports around 0.8460 and 0.8420 for EUR/GBP sellers.

However, the pair’s weakness past-0.8420 will be challenged by November’s low of 0.8380, which is also the lowest level since early 2020.

EUR/GBP: Daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 0.8521
Today Daily Change 0.0013
Today Daily Change % 0.15%
Today daily open 0.8508
 
Trends
Daily SMA20 0.8473
Daily SMA50 0.8486
Daily SMA100 0.8516
Daily SMA200 0.856
 
Levels
Previous Daily High 0.8514
Previous Daily Low 0.8489
Previous Weekly High 0.8551
Previous Weekly Low 0.8446
Previous Monthly High 0.8595
Previous Monthly Low 0.8381
Daily Fibonacci 38.2% 0.8498
Daily Fibonacci 61.8% 0.8504
Daily Pivot Point S1 0.8494
Daily Pivot Point S2 0.8479
Daily Pivot Point S3 0.8468
Daily Pivot Point R1 0.8518
Daily Pivot Point R2 0.8529
Daily Pivot Point R3 0.8543

 

 

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