EUR/GBP Price Analysis: Rebound remains elusive below 0.8530

EUR/GBP recovers from a three-week low, grinds higher of late.
Two-month-old previous support line questions the bullish impulse.
Sellers need downside break of horizontal support from late July.

Anil Panchal FXStreet

EUR/GBP seesaws around intraday high of 0.8517, extending the bounce off mid-September lows, tested the previous day, during the pre-European session on Wednesday.

Even so, the cross-currency pair remains below the support-turned-resistance line from August 10 surrounding 0.8530, broke on Tuesday, amid bearish MACD.

That said, the pair sellers can remain hopeful until the quote stays below 0.8530, a break of which will direct the quote towards the early August month’s swing high near 0.8560.

However, 61.8% Fibonacci retracement of April-August downside and 200-DMA, respectively near 0.8615 and 0.8635, will be tough challenges for the EUR/GBP bulls.

Alternatively, pullback moves may revisit a horizontal support line from late July, near the 0.85020 threshold, before challenging the yearly bottom of 0.8450.

Overall, EUR/GBP remains pressured despite the latest corrective pullback.

EUR/GBP: daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.8517
Today Daily Change	0.0008
Today Daily Change %	0.09%
Today daily open	0.8509

Trends
Daily SMA20	0.8562
Daily SMA50	0.8548
Daily SMA100	0.8566
Daily SMA200	0.8641

Levels
Previous Daily High	0.8545
Previous Daily Low	0.8503
Previous Weekly High	0.8658
Previous Weekly Low	0.8526
Previous Monthly High	0.8658
Previous Monthly Low	0.8501
Daily Fibonacci 38.2%	0.8519
Daily Fibonacci 61.8%	0.8529
Daily Pivot Point S1	0.8493
Daily Pivot Point S2	0.8477
Daily Pivot Point S3	0.8451
Daily Pivot Point R1	0.8535
Daily Pivot Point R2	0.8561
Daily Pivot Point R3	0.8577

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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