EUR/GBP Price Analysis: Monthly support trendline keeps sellers in check


  • EUR/GBP pulls back from a three-week high.
  • Bearish MACD, failures to take out 0.8600 keep sellers on alert.
  • The year-start low will be in focus after the trendline breaks.

EUR/GBP drops to 0.8545 ahead of the European session on Thursday. The pair’s repeated failures to break 0.8600 seem to be a test by the upward sloping trend line since December 13.

Hence, sellers will look for entry below the said support line, at 0.8520 now. In doing so, the monthly low near 0.8420 will return to the charts.

If the bears keep dominating after 0.8420, December monthly bottom close to 0.8275 will be on their radars.

On the upside, pair’s successful trading above 0.8600 enables buyers to aim for the late-October top near 0.8680 ahead of targeting the Christmas-day spike around 0.8755/60.

EUR/GBP four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price 0.8546
Today Daily Change -13 pips
Today Daily Change % -0.15%
Today daily open 0.8559
 
Trends
Daily SMA20 0.8528
Daily SMA50 0.8519
Daily SMA100 0.8666
Daily SMA200 0.8782
 
Levels
Previous Daily High 0.8579
Previous Daily Low 0.8538
Previous Weekly High 0.8546
Previous Weekly Low 0.8455
Previous Monthly High 0.8756
Previous Monthly Low 0.8276
Daily Fibonacci 38.2% 0.8563
Daily Fibonacci 61.8% 0.8553
Daily Pivot Point S1 0.8538
Daily Pivot Point S2 0.8517
Daily Pivot Point S3 0.8496
Daily Pivot Point R1 0.8579
Daily Pivot Point R2 0.86
Daily Pivot Point R3 0.8621

 

 

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