EUR/GBP Price Analysis: Key EMA confluence prods bulls around 0.8820 hurdle


  • EUR/GBP retreats from the key EMA convergence after rising the most in three months.
  • Steady RSI, easing bearish MACD signals keep buyers hopeful backed by a clear upside break of two-week-old trend line.
  • 200-EMA, 61.8% Fibonacci retracement constitutes strong support to challenge bears.

 

EUR/GBP treads water around 0.8810-15, after rising the most in three months, as it braces for the key UK data/events during early Wednesday.

In doing so, the cross-currency pair retreats from the convergence of the 21-day and 50-day Exponential Moving Average (EMA).

However, the recent easing in the bearish bias of the MACD signals and steady RSI joins the EUR/GBP pair’s successful break of a two-week-old descending trend line to keep the buyers hopeful of crossing the 0.8820 resistance confluence.

Following that, a run-up towards the 0.8900 round figure can’t be ruled out.

However, a downward-sloping resistance line from mid-February, around 0.8920 by the press time, could challenge the EUR/GBP bulls afterward.

On the contrary, pullback moves gain importance only on breaking the previous resistance line, around 0.8765 at the latest.

Even so, a convergence of the 200-EMA and 61.8% Fibonacci retracement level of the EUR/GBP pair’s run-up from December 2022 to February 2023, around 0.8710, appears a tough nut to crack for the pair sellers.

To sum up, EUR/GBP is likely to grind higher but the upside momentum had multiple hurdles to crack.

EUR/GBP: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 0.8813
Today Daily Change 0.0080
Today Daily Change % 0.92%
Today daily open 0.8733
 
Trends
Daily SMA20 0.8826
Daily SMA50 0.8836
Daily SMA100 0.8773
Daily SMA200 0.8685
 
Levels
Previous Daily High 0.8773
Previous Daily Low 0.8728
Previous Weekly High 0.8864
Previous Weekly Low 0.8718
Previous Monthly High 0.8979
Previous Monthly Low 0.8755
Daily Fibonacci 38.2% 0.8745
Daily Fibonacci 61.8% 0.8756
Daily Pivot Point S1 0.8717
Daily Pivot Point S2 0.87
Daily Pivot Point S3 0.8672
Daily Pivot Point R1 0.8761
Daily Pivot Point R2 0.8789
Daily Pivot Point R3 0.8806

 

 

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