EUR/GBP Price Analysis: Remains subdued and oscillates above 0.8600 amid risk-off impulse

EUR/GBP encounters resistance, lingering below the pivotal 200-DMA of 0.8700, spotlighting downside risks.
A breach below 0.8605 could unlock further descent, targeting September lows and potentially the YTD low.
Recovery above 0.8658 may pave the way for a test of the crucial 0.8700 psychological and technical barrier.

Christian Borjon Valencia FXStreet

The EUR/GBP extended its losses to five straight trading days and hovers at around the September 28 swing low of 0.8629, amidst a risk-off impulse courtesy of the escalation of the fight between Hamas and Israel, set to extend for the fourth straight day. Therefore, the EUR/GBP edges lower by 0.05%, and exchanges hands at around 0.8635.

The daily chart portrays the pair as neutral biased, but it appears to have bottomed, as shown by price action; nevertheless, as EUR/GBP’s price action remains trading below the 200-day moving average (DMA) of 0.8700, downside risks remain. For a bearish continuation, sellers mist break below the 50-DMA at 0.8605. A breach of the latter and the 0.8600 figure would expose the September 15 daily low of 0.8569, followed by the September 5 low of 0.8523. Once those levels are cleared, up next would be the year-to-date (YTD) low of 0.8492.

Conversely, If EUR/GBP buyers reclaim the October 9 daily high at 0.8658, that would open the door to test the confluence of the figure and the 200-DMA at 0.8700. A decisive break would expose the May 3 high at 0.8834.

EUR/GBP Price Action – Daily chart

EUR/GBP Key Technicals

EUR/GBP

Overview
Today last price	0.8636
Today Daily Change	-0.0017
Today Daily Change %	-0.20
Today daily open	0.8653

Trends
Daily SMA20	0.8644
Daily SMA50	0.8606
Daily SMA100	0.8601
Daily SMA200	0.8705

Levels
Previous Daily High	0.8663
Previous Daily Low	0.8641
Previous Weekly High	0.8691
Previous Weekly Low	0.864
Previous Monthly High	0.8706
Previous Monthly Low	0.8524
Daily Fibonacci 38.2%	0.8655
Daily Fibonacci 61.8%	0.8649
Daily Pivot Point S1	0.8641
Daily Pivot Point S2	0.863
Daily Pivot Point S3	0.8619
Daily Pivot Point R1	0.8664
Daily Pivot Point R2	0.8675
Daily Pivot Point R3	0.8686

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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