- EUR/GBP marks another failure to cross 0.8600, teases two-day-old support line.
- Downward sloping RSI backs U-turn from the key moving average, resistance line.
EUR/GBP sellers attack nearby support line while taking offers around 0.8588 during Monday’s Asian session. The cross-currency pair kept Friday’s U-turn during the early day before reversing from 0.85990. In doing so, the quote reversed from 200-HMA and a descending resistance line from June 10.
Given the receding strength of the RSI line and a pullback from the key hurdles, EUR/GBP prices may drop below the immediate support line from Thursday, near 0.8590, which in turn could extend the recent declines toward a horizontal area comprising multiple levels marked since June 11 around 0.8568.
It should, however, be noted that the pair’s weakness past 0.8568 won’t hesitate to attack the monthly low near 0.8540.
Meanwhile, buyers could return on the upside break of the stated resistance line near the 0.8600 threshold whereas the 200-HMA level of 0.8591 can offer resistance.
If at all the EUR/GBP run-up crosses the 0.8600 mark, 0.8630 and the monthly high near 0.8645 will be in focus.
EUR/GBP hourly chart
Trend: Pullback expected
Additional important levels
|Today last price||0.8586|
|Today Daily Change||0.0001|
|Today Daily Change %||0.01%|
|Today daily open||0.8585|
|Previous Daily High||0.8601|
|Previous Daily Low||0.8543|
|Previous Weekly High||0.8628|
|Previous Weekly Low||0.8542|
|Previous Monthly High||0.8711|
|Previous Monthly Low||0.8561|
|Daily Fibonacci 38.2%||0.8579|
|Daily Fibonacci 61.8%||0.8565|
|Daily Pivot Point S1||0.8552|
|Daily Pivot Point S2||0.8519|
|Daily Pivot Point S3||0.8495|
|Daily Pivot Point R1||0.8609|
|Daily Pivot Point R2||0.8634|
|Daily Pivot Point R3||0.8667|
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