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

Overview
Today last price 0.8527
Today Daily Change -0.0005
Today Daily Change % -0.06%
Today daily open 0.8532
 
Trends
Daily SMA20 0.8566
Daily SMA50 0.8546
Daily SMA100 0.8575
Daily SMA200 0.8673
 
Levels
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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