EUR/GBP Price Analysis: Prints three-day downtrend below 50-DMA

  • EUR/GBP drops towards monthly low during four-week south run.
  • Bearish MACD, failures to cross 50-DMA keep sellers hopeful.
  • Key Fibonacci retracement levels, monthly peak adds to the upside filters.

EUR/GBP remains on the pressured around 0.8525, down 0.07% intraday, as European traders brace for Friday’s bell. In doing so, the cross-currency pair attacks the day’s bottom while fading the late Thursday’s corrective pullback from a one-month low.

Given the pair’s sustained trading below 50-DMA and bearish MACD, coupled with the failures to keep the rebound from the monthly low, the EUR/GBP sellers are likely to keep the reins.

That said, 23.6% Fibonacci retracement (Fibo.) level of July-August fall, near 0.8500, lures the intraday sellers.

However, any further weakness will not hesitate to challenge the last month’s low near 0.8450.

On the flip side, 38.2% Fibo. near 0.8535 restricts the quote’s recovery moves before challenging the 50-DMA level around 0.8545.

It should be noted that the 61.8% Fibonacci retracement level and the monthly high, respectively around 0.8585 and 0.8615, could test the EUR/GBP upside past 50-DMA.

EUR/GBP: Daily chart

Trend: Further weakness expected

Additional important levels

Today last price 0.8527
Today Daily Change -0.0005
Today Daily Change % -0.06%
Today daily open 0.8532
Daily SMA20 0.8566
Daily SMA50 0.8546
Daily SMA100 0.8575
Daily SMA200 0.8673
Previous Daily High 0.8548
Previous Daily Low 0.8501
Previous Weekly High 0.8614
Previous Weekly Low 0.852
Previous Monthly High 0.8599
Previous Monthly Low 0.845
Daily Fibonacci 38.2% 0.8519
Daily Fibonacci 61.8% 0.853
Daily Pivot Point S1 0.8506
Daily Pivot Point S2 0.848
Daily Pivot Point S3 0.8459
Daily Pivot Point R1 0.8552
Daily Pivot Point R2 0.8573
Daily Pivot Point R3 0.8599



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD stays afloat above 1.1600 as inflation data meet expectations

EUR/USD came under modest bearish pressure in the early European session and continues to have a difficult time regaining its traction. After the data from the euro area revealed that annual CPI stayed unchanged at 3.4% in September, the pair stays relatively calm above 1.1600.


GBP/USD drops below 1.3800 as UK CPIs disappoint

GBP/USD eases below 1.3800, as an unexpected decline in the UK inflation douses the BOE rate hike expectations. Covid resurgence in the UK also undermines the pound. The pair could find support from a broadly subdued US dollar and fresh Brexit optimism. 


Gold: $1791 appears a tough nut to crack for XAU/USD bulls

Gold price is holding the higher ground, extending the previous advance amid a pullback in the US 10-year Treasury yields from five-month highs of 1.672%.

Gold News

Crypto markets prepare for final pullback before next leg up

Bitcoin price is due for a retracement as MRI flashes a sell signal on the daily chart. Ethereum price continues to consolidate under the $3,938 resistance level. Ripple price slides below the $1.09 support level as the crypto markets prepare for a minor correction.

Read more

Tesla: Why it is time to sell TSLA stock

Tesla breaks higher again on Monday as we had called. TSLA to release earnings after the close on Wednesday. Is it time to sell Tesla stock now before earnings?

Read more