- EUR/GBP is under pressure in the early European session.
- More downside envisioned if the spot breaks below the 0.8650 mark.
- MACD remains neutral and asks for a wait-and-watch approach.
The EUR/GBP cross remains under intense selling pressure in the early European session. The cross extended the previous day’s losses and held onto the crucial 0.8650 psychological mark.
At the time of writing, EUR/GBP is trading at 0.8654, down 0.51% on the day.
EUR/GBP four-hour chart
-637562237653991394.png)
On the four-hour chart, the cross is extending declines from the daily highs of 0.8700. If prices defend the 0.8650 psychological mark, then a rebound could be expected, first to the intraday highs at 0.8700
The next on the card would be the 0.8720 horizontal resistance zone.
On the flip side, if prices follow the receding Moving Average Convergence Divergence (MACD), then it would be directed toward Thursday’s low in the vicinity of 0.8630 area.
The price action could open the gates for the 0.8600 horizontal support zone, followed by April 7 lows at 0.8582.
EUR/GBP Additional Levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
AUD/USD risks a deeper drop in the short term
AUD/USD rapidly left behind Wednesday’s decent advance and resumed its downward trend on the back of the intense buying pressure in the greenback, while mixed results from the domestic labour market report failed to lend support to AUD.
EUR/USD leaves the door open to a decline to 1.0600
A decent comeback in the Greenback lured sellers back into the market, motivating EUR/USD to give away the earlier advance to weekly tops around 1.0690 and shift its attention to a potential revisit of the 1.0600 neighbourhood instead.
Gold is closely monitoring geopolitics
Gold trades in positive territory above $2,380 on Thursday. Although the benchmark 10-year US Treasury bond yield holds steady following upbeat US data, XAU/USD continues to stretch higher on growing fears over a deepening conflict in the Middle East.
Bitcoin price shows strength as IMF attests to spread and intensity of BTC transactions ahead of halving
Bitcoin (BTC) price is borderline strong and weak with the brunt of the weakness being felt by altcoins. Regarding strength, it continues to close above the $60,000 threshold for seven weeks in a row.
Is the Biden administration trying to destroy the Dollar?
Confidence in Western financial markets has already been shaken enough by the 20% devaluation of the dollar over the last few years. But now the European Commission wants to hand Ukraine $300 billion seized from Russia.