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EUR/GBP Price Analysis: Looks to extend gains above 50-day SMA

  • EUR/GBP is making efforts to extend the previous day’s gain.
  • Pair seeks additional gains if price decisively breaks 50-day SMA.
  • Momentum oscillators in the overbought zone with bullish crossover.

EUR/GBP  edges higher on Friday in the Asian session. The pair moves in a very narrow trade band with an upside bias.

At the time of writing, EUR/GBP is trading at 0.8574, up 0.08% for the day.

EUR/GBP 4-hour chart

On the 4-hour chart, the EUR/GBP cross has been moving lower since it made a high of 0.8642. The multiple top formations make it a critical level to trade. The descending trendline from the mentioned level acts as a barrier for the bulls.

A sustained move above the 50-day Simple Moving Average (SMA) at the 0.8572 mark,  could bring more buying opportunities for EUR/GBP bulls. The immediate resistance emerges at the 0.8585  horizontal resistance level.

The Moving Average Convergence Divergence (MACD) indicator trades above the midline, with a bullish crossover. Any uptick in the MACD would amplify the buying pressure toward June 21 high at the 0.8601 key psychological mark. 

The next area of resistance could be located near the 0.8620 horizontal resistance level.

Alternatively, if price sustains below the session's low at 0.8570, then it could attempt to test the 08565 horizontal support level.

Next, EUR/GBP bears would flex their muscle at the 0.8545 horizontal support level followed by June 24 low in the vicinity of 0.8530 area.

EUR/GBP additional levels

EUR/GBP

Overview
Today last price0.8575
Today Daily Change0.0007
Today Daily Change %0.08
Today daily open0.8568
 
Trends
Daily SMA200.8587
Daily SMA500.8623
Daily SMA1000.8627
Daily SMA2000.8819
 
Levels
Previous Daily High0.8592
Previous Daily Low0.8534
Previous Weekly High0.8628
Previous Weekly Low0.8542
Previous Monthly High0.8711
Previous Monthly Low0.8561
Daily Fibonacci 38.2%0.857
Daily Fibonacci 61.8%0.8556
Daily Pivot Point S10.8537
Daily Pivot Point S20.8506
Daily Pivot Point S30.8479
Daily Pivot Point R10.8595
Daily Pivot Point R20.8623
Daily Pivot Point R30.8653


 

Author

Rekha Chauhan

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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