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.

Anil Panchal FXStreet

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

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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