EUR/GBP Price Analysis: Pulls back from 200-day EMA, 50% Fibonacci

EUR/GBP declines from a three-month high.
Bullish MACD favors confrontation to 61.8% Fibonacci retracement.
December 2019 top acts as immediate support.

Anil Panchal FXStreet

EUR/GBP declines 0.05% to 0.8615 during the pre-Europe session on Monday. In doing so, the pair takes a U-turn from a confluence of 200-day EMA and 50% Fibonacci retracement level of its October-December fall.

That said, December 2019 top surrounding 0.8600 and 38.2% Fibonacci retracement near 0.8560 acts as the immediate supports to watch.

However, buyers should not lose their hopes unless EUR/GBP prices slip below the 100-day EMA level of 0.8540 on a daily closing basis.

Meanwhile, bullish MACD favors the odds of the pair’s further upside towards 61.8% Fibonacci retracement level of 0.8735.

In a case where the quote remains positive past-0.8735, September 2019 low close to 0.8785 will be the key to watch.

EUR/GBP daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	0.8616
Today Daily Change	6 pips
Today Daily Change %	0.07%
Today daily open	0.861

Trends
Daily SMA20	0.842
Daily SMA50	0.8469
Daily SMA100	0.8513
Daily SMA200	0.8746

Levels
Previous Daily High	0.8644
Previous Daily Low	0.8521
Previous Weekly High	0.8644
Previous Weekly Low	0.8338
Previous Monthly High	0.8644
Previous Monthly Low	0.8282
Daily Fibonacci 38.2%	0.8597
Daily Fibonacci 61.8%	0.8568
Daily Pivot Point S1	0.8539
Daily Pivot Point S2	0.8469
Daily Pivot Point S3	0.8417
Daily Pivot Point R1	0.8662
Daily Pivot Point R2	0.8714
Daily Pivot Point R3	0.8784

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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