EUR/GBP Price Analysis: Pulls back from weekly resistance, 200-HMA


  • 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

Overview
Today last price 0.8586
Today Daily Change 0.0001
Today Daily Change % 0.01%
Today daily open 0.8585
 
Trends
Daily SMA20 0.8603
Daily SMA50 0.8633
Daily SMA100 0.8638
Daily SMA200 0.8832
 
Levels
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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