EUR/GBP Price Analysis: Recovery moves capped below 0.8640

EUR/GBP defends 0.8600 despite failures to back the bulls.
Confluence of 200-SMA, 50% Fibonacci retracement guards immediate upside.
Bears have a bumpy road to the south, 0.8590 offers nearby support.

Anil Panchal FXStreet

EUR/GBP struggles to extend the previous week’s recovery moves above 0.8600, around 0.8610 ahead of Monday’s European session.

Although bullish MACD signals back rebound from monthly low, the early May’s lows surrounding 0.8625 tests intraday buyers ahead of a 200-SMA and 50% Fibonacci retracement convergence near 0.8640.

Even if the EUR/GBP prices cross the 0.8640 hurdle, 61.8% Fibonacci retracement of the pair’s fall from late April, around 0.8660, will be another key barrier before the monthly top of 0.8700.

Should EUR/GBP fails to stay on the road to recovery, the 0.8600 round figure will precede multiple supports around the 0.8590 level to test the short-term downside.

Additionally, the monthly low near 0.8560 precedes the mid-March bottom surrounding 0.8530 and the 0.8500 threshold, not to forget the yearly low of 0.8472, offer a troubled journey to the south.

EUR/GBP four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	0.8611
Today Daily Change	0.0001
Today Daily Change %	0.01%
Today daily open	0.861

Trends
Daily SMA20	0.8654
Daily SMA50	0.8617
Daily SMA100	0.872
Daily SMA200	0.8879

Levels
Previous Daily High	0.8627
Previous Daily Low	0.8596
Previous Weekly High	0.87
Previous Weekly Low	0.8561
Previous Monthly High	0.872
Previous Monthly Low	0.8472
Daily Fibonacci 38.2%	0.8615
Daily Fibonacci 61.8%	0.8608
Daily Pivot Point S1	0.8595
Daily Pivot Point S2	0.8579
Daily Pivot Point S3	0.8563
Daily Pivot Point R1	0.8626
Daily Pivot Point R2	0.8643
Daily Pivot Point R3	0.8658

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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