EUR/GBP Price Analysis: Remains pressured below 50-day SMA near 0.8550


  • EUR/GBP remains muted in the European session on Tuesday.
  • Price moves in a broader trading range of 0.8530 and 0.8600.
  • Momentum oscillators hold onto the overbought zone warns against aggressive bets.

EUR/GBP edges lower while extending the previous session’s downside momentum. The pair confides in a very tight trade band.

At the time of writing, EUR/GBP is trading at 0.8533, down 0.03% for the day.

EUR/GBP daily chart

On the daily chart, the EUR/GBP cross has been trading in a broader trading range of 0.8530 and 0.8600, which constitutes a rectangle technical formation starting from August 19.

Currently, the price moves along with the lower trendline of the mentioned rectangle price pattern.

A break of the formation on the lower side would ignite heavy sell-off in the pair with the first downside target appears at the previous day low of 0.8510.

In doing so, EUR/GBP bears would then make a way to reach the 0.8495  horizontal resistance level.

The Moving Average Convergence Divergence (MACD) indicator trades in the overbought zone. Any downtick in the MACD would encourage bears to retest the low made on August 12 at 0.8455.
 
Alternatively, if price moves higher in that case, the bulls would meet the first upside target at the 50-day Simple Moving Average (SMA) at 0.8546.

Next, EUR/GBP bulls would aim at the 0.8560 horizontal support level followed by a September 9 high of 0.8588.

EUR/GBP additional levels

EUR/GBP

Overview
Today last price 0.8533
Today Daily Change -0.0003
Today Daily Change % -0.04
Today daily open 0.8536
 
Trends
Daily SMA20 0.8565
Daily SMA50 0.8547
Daily SMA100 0.858
Daily SMA200 0.8681
 
Levels
Previous Daily High 0.8542
Previous Daily Low 0.8511
Previous Weekly High 0.8614
Previous Weekly Low 0.852
Previous Monthly High 0.8599
Previous Monthly Low 0.845
Daily Fibonacci 38.2% 0.8523
Daily Fibonacci 61.8% 0.853
Daily Pivot Point S1 0.8517
Daily Pivot Point S2 0.8498
Daily Pivot Point S3 0.8485
Daily Pivot Point R1 0.8549
Daily Pivot Point R2 0.8561
Daily Pivot Point R3 0.858

 

 

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