• EUR/GBP refreshes intraday low, grinds higher around 20-SMA.
  • Receding bearish bias of MACD, firmer RSI line keeps buyers hopeful.
  • Eight-day-old support line, 200-SMA restrict short-term downside.

EUR/GBP remains on the back foot around daily lows near 0.8535, down 0.07% intraday ahead of the UK jobs report, up for publishing amid early Tuesday.

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

The cross-currency pair’s latest pullback could be linked to the failure to cross a one-week-old resistance line and the 20-SMA. However, easing the bearish bias of the MACD and steady RSI hints at the further upside of the quote.

That said, a clear run-up beyond the nearby SMA and trend line resistance, around 0.8540 and 0.8550 respectively, will become necessary for the EUR/GBP bulls to retake controls.

Following that, 0.8575 and the monthly peak surrounding 0.8600 will be crucial to watch.

Alternatively, further weakness will aim for an ascending trend line from December 02, at 0.8500 by the press time.

It should be noted, however, that a clear downside break of the 0.8500 threshold will confirm a head-and-shoulders bearish chart pattern, which in turn directs EUR/GBP sellers towards late November lows near 0.8485.

Though, the 200-SMA level of 0.8492 will act as a validation point for the downside.

EUR/GBP: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 0.8538
Today Daily Change -0.0005
Today Daily Change % -0.06%
Today daily open 0.8543
 
Trends
Daily SMA20 0.8476
Daily SMA50 0.8483
Daily SMA100 0.8515
Daily SMA200 0.8559
 
Levels
Previous Daily High 0.855
Previous Daily Low 0.8501
Previous Weekly High 0.86
Previous Weekly Low 0.8489
Previous Monthly High 0.8595
Previous Monthly Low 0.8381
Daily Fibonacci 38.2% 0.8531
Daily Fibonacci 61.8% 0.8519
Daily Pivot Point S1 0.8512
Daily Pivot Point S2 0.8482
Daily Pivot Point S3 0.8463
Daily Pivot Point R1 0.8562
Daily Pivot Point R2 0.858
Daily Pivot Point R3 0.8611

 

 

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