EUR/GBP Price Analysis: Lowest weekly close since August does not mean much for the pound

Pound is about to end the week higher against the euro, significantly away from the top.
EUR/GBP still in a bearish trend after failing to break key support.

Matías Salord FXStreet

The EUR/GBP is about to post another weekly loss and the lowest close since August. The sign from the weekly candle is not positive for the pound as it showed the close far from the lows.

The decline in EUR/GBP found support again around the 0.8850 and was followed by a sharp rebound to 0.9000 that lost momentum on Friday. The short-term outlook favors some consolidation ahead.

The 0.8850 area continues to be the key support. A break lower would clear the way to more losses. The next area to watch here stands around 0.8815/25, the convergence of the 55 and 100-week moving averages.

The bias still favors the downside despite the recovery of the euro. A firm break above 0.9060/70 would negate the bearish perspective.

EUR/GBP Weekly chart

EUR/GBP

Overview
Today last price	0.8976
Today Daily Change	-0.0023
Today Daily Change %	-0.26
Today daily open	0.8999

Trends
Daily SMA20	0.9024
Daily SMA50	0.9076
Daily SMA100	0.9049
Daily SMA200	0.8929

Levels
Previous Daily High	0.9004
Previous Daily Low	0.8903
Previous Weekly High	0.9069
Previous Weekly Low	0.8946
Previous Monthly High	0.9162
Previous Monthly Low	0.8984
Daily Fibonacci 38.2%	0.8966
Daily Fibonacci 61.8%	0.8942
Daily Pivot Point S1	0.8933
Daily Pivot Point S2	0.8867
Daily Pivot Point S3	0.8831
Daily Pivot Point R1	0.9034
Daily Pivot Point R2	0.907
Daily Pivot Point R3	0.9136

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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