EUR/GBP Price Analysis: Firmer below key resistance area

EUR/GBP posts mild gains following Friday’s bullish candlestick formation.
61.8% Fibonacci retracement and 50, 200-day SMA restrict immediate upside.

Anil Panchal FXStreet

While justifying Friday’s bullish Doji, EUR/GBP rises 0.14% to 0.8711 ahead of the European open on Monday.

Even so, the pair stays below 0.8740/50 resistance confluence comprising 50-day and 200-day SMAs as well as 61.8% Fibonacci retracement level of February-March upside move.

Hence, the current recovery moves are less likely to last longer unless providing a daily closing beyond 0.8750. A break here could aim at April 7 top near 0.8865.

Alternatively, the pair’s declines below 0.8680, immediate support, can divert sellers towards a 100-day SMA level near 0.8615 ahead of early-February high close to 0.8540.

EUR/GBP daily chart

Trend: Sideways

Additional important levels

Overview
Today last price	0.871
Today Daily Change	10 pips
Today Daily Change %	0.11%
Today daily open	0.87

Trends
Daily SMA20	0.8866
Daily SMA50	0.874
Daily SMA100	0.8614
Daily SMA200	0.8741

Levels
Previous Daily High	0.8722
Previous Daily Low	0.8684
Previous Weekly High	0.8792
Previous Weekly Low	0.8682
Previous Monthly High	0.95
Previous Monthly Low	0.8594
Daily Fibonacci 38.2%	0.8698
Daily Fibonacci 61.8%	0.8707
Daily Pivot Point S1	0.8682
Daily Pivot Point S2	0.8663
Daily Pivot Point S3	0.8643
Daily Pivot Point R1	0.8721
Daily Pivot Point R2	0.8741
Daily Pivot Point R3	0.8759

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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