EUR/GBP Price Analysis: Manages to hold above the key 0.9000 mark, at least for now


  • 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

fxsoriginal

Technical levels to watch

EUR/GBP

Overview
Today last price 0.9015
Today Daily Change 0.0000
Today Daily Change % 0.00
Today daily open 0.9015
 
Trends
Daily SMA20 0.9001
Daily SMA50 0.8913
Daily SMA100 0.8842
Daily SMA200 0.8704
 
Levels
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

 

 

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