EUR/GBP Price Analysis: Pressured towards 0.8580 key support


  • EUR/GBP justifies Monday’s pullback from 100-SMA, weekly resistance line.
  • Downbeat MACD also directs sellers to three-week-old horizontal area.
  • Traders await Eurozone CPI, UK PMI for fresh impulse.

EUR/GBP remains depressed around 0.8590, down 0.14% intraday, while heading into Tuesday’s European session. In doing so, the quote extends the previous day’s U-turn from the 100-SMA and a descending trend line from May 25.

However, sluggish momentum, as portrayed by the MACD, probes sellers around an important horizontal area comprising multiple lows marked since May 18, near 0.8580.

As traders await crucial data from Eurozone and the UK, cautious sentiment can keep the pair indecisive. Though, sellers are likely to keep reins unless crossing 100-SMA level of 0.8610. That said, the quote’s corrective pullback to the immediate trend line resistance near 0.8605 can’t be ruled out.

Meanwhile, a downside break of 0.8580 won’t hesitate to attack the previous month’s low near 0.8560 but multiple levels near 0.8530 and the 0.8500 threshold could check EUR/GBP sellers afterward.

It should be noted that the quote’s sustained weakness below 0.8500 will be a threat to the yearly bottom surrounding 0.8470.

EUR/GBP four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price 0.8591
Today Daily Change -12 pips
Today Daily Change % -0.14%
Today daily open 0.8603
 
Trends
Daily SMA20 0.862
Daily SMA50 0.8626
Daily SMA100 0.8675
Daily SMA200 0.8857
 
Levels
Previous Daily High 0.8614
Previous Daily Low 0.8591
Previous Weekly High 0.8672
Previous Weekly Low 0.8575
Previous Monthly High 0.8711
Previous Monthly Low 0.8561
Daily Fibonacci 38.2% 0.8605
Daily Fibonacci 61.8% 0.86
Daily Pivot Point S1 0.8591
Daily Pivot Point S2 0.8579
Daily Pivot Point S3 0.8567
Daily Pivot Point R1 0.8615
Daily Pivot Point R2 0.8626
Daily Pivot Point R3 0.8638

 

 

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