EUR/GBP Price Analysis: Finds offers near 0.8330 as trendline and horizontal resistance coincide

Bears are required to push EUR/GBP below 0.8313 for further weakness.
The 50-EMA and 20-EMA are eyeing lower, which adds to the downside filters.
The RSI (14) has sensed resistance near 60.00 as investors have added offers on the pullback.

Sagar Dua FXStreet

The EUR/GBP pair has attracted potential offers near 0.8325, which is the highest traded price of Tuesday and near to the lows of Monday and Friday’s trading sessions. The level of 0.8325 has been a crucial one as it has been tested more than twice in previous trading sessions. Adding to that, the trendline placed from Monday’s high at 0.8352 coincides with the resistance.

The cross has remained positive in the Asian session after testing the lows of 0.8311 twice on Monday. On an intraday scale, EUR/GBP has failed to breach the 50-period Exponential Moving Average (EMA) on the upside, which has also supported bears to strengthen further. The 50-EMA and 200-EMA are pointing to the downside, which adds to the bearish outlook.

The Relative Strength Index (RSI) (14) has sensed resistance from 60.00, which indicates that investors have used the pullback to initiate fresh offers and weakness is still intact.

Bears are required to push EUR/GBP below Monday’s low around 0.8313 for further weakness. The asset may find supports near January 20 lows at 0.8305 and February 03 lows at 0.8284 respectively.

On the flip side, EUR/GBP may rebound if it manages to breach 0.8325 on the upside decisively. This may push the cross higher around Monday’s average price of 0.8337 and its high at 0.8352 respectively.

EUR/GBP intraday chart

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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