EUR/GBP Price Analysis: Extends recovery towards 0.8660-65 key hurdle

EUR/GBP keeps the previous day’s bounce off 50% Fibonacci retracement of April 05-16 upside.
Previous support line, 200-HMA becomes a tough nut to crack for the bulls.

Anil Panchal FXStreet

EUR/GBP picks up bids to the intraday top of 0.8640, up 0.06% on a day, while heading into Wednesday’s European session. In doing so, the cross-currency pair holds onto the previous day’s U-turn from two-week lows.

While upbeat MACD backs the run-up beyond the 0.8600 threshold, a confluence of 200-HMA and the resistance line from April 05, around 0.8660-65, becomes the key hurdle to watch.

In a case where the EUR/GBP bulls dominate past-0.8665, odds of the pair’s rally to the 0.8700 round figure and the monthly top surrounding 0.8720 can’t be ruled out.

Meanwhile, pullback moves may recall the 0.8600 threshold back to the chart but any further weakness may dwindle around the latest low of 0.8588, due to the key Fibonacci retracement level.

Should the pair drops further below 0.8588, the 61.8% Fibonacci retracement level close to 0.8565 and the 0.8500 psychological magnet may entertain the EUR/GBP bears before directing them to the monthly low of 0.8472.

EUR/GBP hourly chart

Trend: Further upside expected

additional important levels

Overview
Today last price	0.864
Today Daily Change	5 pips
Today Daily Change %	0.06%
Today daily open	0.8635

Trends
Daily SMA20	0.8605
Daily SMA50	0.8623
Daily SMA100	0.8792
Daily SMA200	0.8915

Levels
Previous Daily High	0.8643
Previous Daily Low	0.8604
Previous Weekly High	0.8719
Previous Weekly Low	0.864
Previous Monthly High	0.8674
Previous Monthly Low	0.8503
Daily Fibonacci 38.2%	0.8628
Daily Fibonacci 61.8%	0.8619
Daily Pivot Point S1	0.8611
Daily Pivot Point S2	0.8588
Daily Pivot Point S3	0.8572
Daily Pivot Point R1	0.8651
Daily Pivot Point R2	0.8667
Daily Pivot Point R3	0.8691

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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