- EUR/GBP posts the heaviest intraday gains in over a week.
- Bulls aim for two-week-old resistance line amid upbeat MACD signals.
- Short-term horizontal region, 200-SMA act as extra filters.
EUR/GBP refreshes intraday high while taking the bids near 0.8605, up 0.08% on a day, heading into Wednesday’s European session. The cross-currency pair dropped to 0.8596 early in Asia before bouncing off an ascending support line from Friday.
The recovery moves take clues from bullish MACD to direct the pair buyers toward a downward sloping trend line from May 25, near 0.8615. However, any further upside will need validation from the 200-SMA level of 0.8631.
In a case where the EUR/GBP bulls keep reins beyond 0.8630, the monthly top near 0.8645 and the late May’s peak surrounding 0.8670 will be in focus.
On the flip side, the aforementioned support line close to 0.8595 can restrict short-term declines of the pair ahead of a horizontal region comprising multiple lows marked since May 27, near 0.8580.
Should the EUR/GBP downside extends below 0.8580, the 0.8565-60 zone comprising the monthly low and May’s bottom becomes the key.
It’s worth mentioning that a meeting between the European Union's (EU) Maroš Šefčovič, European Commission Vice President and UK’s David Frost in London probes the sterling buyers of late.
EUR/GBP four-hour chart
Trend: Further recovery expected
Additional important levels
|Today last price||0.8606|
|Today Daily Change||0.0006|
|Today Daily Change %||0.07%|
|Today daily open||0.86|
|Previous Daily High||0.8627|
|Previous Daily Low||0.8594|
|Previous Weekly High||0.8646|
|Previous Weekly Low||0.8566|
|Previous Monthly High||0.8711|
|Previous Monthly Low||0.8561|
|Daily Fibonacci 38.2%||0.8615|
|Daily Fibonacci 61.8%||0.8607|
|Daily Pivot Point S1||0.8587|
|Daily Pivot Point S2||0.8574|
|Daily Pivot Point S3||0.8554|
|Daily Pivot Point R1||0.862|
|Daily Pivot Point R2||0.864|
|Daily Pivot Point R3||0.8653|
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