• EUR/GBP extends bounce off monthly low, grinds higher recently.
  • Bullish candlestick above 100-DMA joins upbeat MACD signals to keep buyers hopeful.
  • 61.8% Fibonacci retracement, 200-DMA challenges upside momentum.
  • BOE, ECB both faces Omicron risks to hawkish expectations backed by inflation fears.

EUR/GBP prints mild gains above the 0.8500 threshold heading into the key European session on Thursday.

In doing so, the cross-currency pair justifies the previous day’s Doji candlestick beyond 100-DMA. However, cautious sentiment ahead of monetary policy decisions from the Bank of England (BOE) and the European Central Bank (ECB) challenges the pair’s latest moves.

That said, 61.8% Fibonacci retracement (Fibo.) of September-November downside, around 0.8552, restricts the EUR/GBP pair’s short-term upside ahead of the 200-DMA level of 0.8558.

In a case where the EUR/GBP rises past 0.8558, tops marked during November and December will test the pair buyers around 0.8600.

Alternatively, a daily closing below 100-DMA level of 0.8483 will witness multiple supports around 0.8465-60 and 23.6% Fibo. level near 0.8445, not to forget the 0.8425-20 area.

Overall, technical details favor EUR/GBP bulls but it all depends upon the central bank actions.

EUR/GBP: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 0.8521
Today Daily Change 0.0009
Today Daily Change % 0.11%
Today daily open 0.8512
 
Trends
Daily SMA20 0.8486
Daily SMA50 0.8483
Daily SMA100 0.8515
Daily SMA200 0.8558
 
Levels
Previous Daily High 0.8528
Previous Daily Low 0.8486
Previous Weekly High 0.86
Previous Weekly Low 0.8489
Previous Monthly High 0.8595
Previous Monthly Low 0.8381
Daily Fibonacci 38.2% 0.8512
Daily Fibonacci 61.8% 0.8502
Daily Pivot Point S1 0.8489
Daily Pivot Point S2 0.8466
Daily Pivot Point S3 0.8447
Daily Pivot Point R1 0.8532
Daily Pivot Point R2 0.8551
Daily Pivot Point R3 0.8574

 

 

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