- 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|
|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|
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