- EUR/GBP lacked any firm directional bias was seen oscillating in a range just above 0.9000 mark.
- Mixed oscillators on hourly/daily charts warrant some caution before placing fresh directional bets.
The EUR/GBP cross consolidated this week's sharp retracement slide from three-month tops and remained confined in a range just above the key 0.9000 psychological mark.
The mentioned level marks a previous strong resistance breakpoint. This is closely followed by the 38.2% Fibonacci level of the 0.8671-0.9176 positive move, around the 0.8985 region, which if broken might be seen as a fresh trigger for bearish traders.
Meanwhile, technical indicators on the 4-hourly chart maintained their bearish bias and support prospects for further weakness. However, oscillators on the daily chart – though have corrected from higher levels – are yet to confirm the bearish outlook.
The set-up warrants some caution for bearish traders and also makes it prudent to wait for some follow-through selling below the 38.2% Fibo. level support, around the 0.8980 region, before positioning for any further near-term depreciating move.
A convincing breakthrough should pave the way for additional weakness and accelerate the corrective slide further towards 50% Fibo. level, around the 0.8925 region.
On the flip side, any attempted recovery might now confront immediate resistance near the 0.9065 region (23.6% Fibo. level), above which the cross is likely to aim back to reclaim the 0.9100 mark. The momentum could further get extended towards the 0.9140 supply zone.
EUR/GBP 4-hourly chart
Technical levels to watch
|Today last price||0.9015|
|Today Daily Change||0.0000|
|Today Daily Change %||0.00|
|Today daily open||0.9015|
|Previous Daily High||0.9032|
|Previous Daily Low||0.9003|
|Previous Weekly High||0.91|
|Previous Weekly Low||0.9001|
|Previous Monthly High||0.9176|
|Previous Monthly Low||0.8864|
|Daily Fibonacci 38.2%||0.9014|
|Daily Fibonacci 61.8%||0.9021|
|Daily Pivot Point S1||0.9001|
|Daily Pivot Point S2||0.8987|
|Daily Pivot Point S3||0.8972|
|Daily Pivot Point R1||0.903|
|Daily Pivot Point R2||0.9046|
|Daily Pivot Point R3||0.9059|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.