EUR/GBP Price Analysis: Refreshes session low, downside seems limited

  • EUR/GBP witnessed a modest intraday pullback from a short-term descending trend-line.
  • The set-up favours bulls and supports prospects for the emergence of some dip-buying.
  • Hence, any meaningful slide is more likely to remain limited near the 61.8% Fibo. level.

The EUR/GBP cross struggled to preserve its early gains to the 0.9155 region and retreated around 45 pips from weekly tops, hitting fresh session lows in the last hour.

The intraday uptick faltered ahead of a resistance marked by a descending trend-line, extending from multi-week tops touched on September 11th. The cross now seems to have stabilised around the 38.2% Fibonacci level of the 0.8866-0.9292 recent positive move.

Meanwhile, technical indicators on the 1-hourly chart – though have eased from higher levels – are yet to confirm any intraday bearish bias. This coupled with bullish oscillators on the daily chart support prospects for the emergence of some dip-buying at lower levels.

Hence, any subsequent pullback to the 0.9100 round-figure mark might still be seen as a buying opportunity and remain limited near the 50% Fibo. level support, around the 0.9075 region. This, in turn, should now act as a key pivotal point for short-term traders.

On the flip side, bulls might need to wait for a sustained move beyond the mentioned trend-line resistance before positioning for any further gains. The EUR/GBP cross might then aim to surpass the 23.6% Fibo. level and the 0.9200 round-figure mark.

EUR/GBP 4-hourly chart


Technical levels to watch


Today last price 0.9127
Today Daily Change -0.0002
Today Daily Change % -0.02
Today daily open 0.9129
Daily SMA20 0.911
Daily SMA50 0.9057
Daily SMA100 0.9021
Daily SMA200 0.8842
Previous Daily High 0.9146
Previous Daily Low 0.9062
Previous Weekly High 0.922
Previous Weekly Low 0.9113
Previous Monthly High 0.907
Previous Monthly Low 0.8909
Daily Fibonacci 38.2% 0.9114
Daily Fibonacci 61.8% 0.9094
Daily Pivot Point S1 0.9079
Daily Pivot Point S2 0.9029
Daily Pivot Point S3 0.8996
Daily Pivot Point R1 0.9163
Daily Pivot Point R2 0.9196
Daily Pivot Point R3 0.9246



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD under pressure around 1.1850 amid US election concern

EUR/USD is under some pressure around 1.1850 the anti-risk dollar is drawing haven bids on reports of meddling in US elections and fading prospects of an imminent US stimulus deal. US jobless claims are eyed.


GBP/USD holds onto gains as Brexit talks restart

GBP/USD is trading well above 1.31, consolidating its gains as intense Brexit talks restart in London, aiming to reach an accord by mid-November. Rising UK coronavirus cases and political uncertainty in the US are keeping the safe-haven dollar bid.


Gold off lows, still in the red around $1920 region

Gold traded with a mild negative bias through the early European session, albeit has managed to trim a part of its daily losses to the $1911-10 region.

Gold News

Forex Today: Foreign intervention in US elections weighs on mood, jobless claims, politics eyed

Concerns about foreign intervention in the US elections have weighed on the market mood, allowing the dollar to recover after Wednesday's losses. Intense Brexit talks resume in London, boosting the pound.

Read more

WTI: Buyers lurk around 100-day EMA

WTI bounces off $39.83, the lowest in one week, to battle 50% Fibonacci retracement. EIA inventories recovered from -3.818M prior, -1.021M forecast. The energy benchmark dropped the lowest since October 15 the previous day.

Oil News