EUR/GBP Price Analysis: Focus on 30-pip area above key support line

EUR/GBP reverses early Asian losses, remains sidelined after two-day downtrend.
Falling trend line from July 20, four-month-old ascending support line become crucial to watch.
Bearish MACD, downbeat Momentum favor sellers on the Super Thursday.
21-DMA, July’s low adds to the trading filters.

Anil Panchal FXStreet

EUR/GBP struggles to keep bounce off intraday low around 0.8520 during early Thursday.

The cross-currency pair seems to justify the market’s cautious sentiment ahead of the Bank of England (BOE) monetary policy meeting while staying between important trend lines.

Read: Bank of England Preview: Five reasons the doves are set to win Super Thursday, GBP/USD may dip

However, bearish MACD and the recent downswing of the Momentum line keep sellers hopeful.

Hence, a clear downside break of an ascending support line from early April, near the 0.8500 threshold, will be targeted before aiming at the yearly low of 0.8472.

Meanwhile, an upside cross to the stated resistance line near 0.8530 will be challenged by the 21-DMA level of 0.8552 and the weekly high near 0.8560.

Overall, EUR/GBP remains in the bearish trajectory ahead of the key BOE announcements.

EUR/GBP: Daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.8521
Today Daily Change	-0.0002
Today Daily Change %	-0.02%
Today daily open	0.8523

Trends
Daily SMA20	0.8554
Daily SMA50	0.8574
Daily SMA100	0.8599
Daily SMA200	0.8741

Levels
Previous Daily High	0.8533
Previous Daily Low	0.8505
Previous Weekly High	0.8574
Previous Weekly Low	0.85
Previous Monthly High	0.867
Previous Monthly Low	0.85
Daily Fibonacci 38.2%	0.8516
Daily Fibonacci 61.8%	0.8522
Daily Pivot Point S1	0.8507
Daily Pivot Point S2	0.8492
Daily Pivot Point S3	0.8479
Daily Pivot Point R1	0.8535
Daily Pivot Point R2	0.8548
Daily Pivot Point R3	0.8563

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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