EUR/GBP Price Analysis: Sellers attack June’s top with eyes on UK CPI


  • EUR/GBP refreshes weekly low while declining for the third day in a row.
  • Multiple highs marked in July, 10-day EMA lures the bears.
  • Consolidation of overbought RSI suggests further weakness in EUR/GBP prices unless breaking 0.9300.
  • UK CPI is expected to recede from prior 1.0% YoY to 0.0% in August.

EUR/GBP fades pullback from 0.9172 around 0.9180 amid the pre-European session open trading on Wednesday. In doing so, the quote portrays the cautious sentiment ahead of the UK’s Consumer Price Index (CPI) data for release for August, up for publishing at 06:00 GMT.

Even so, a retracement of the overbought conditions, as per the RSI, suggests the further weakness of the EUR/GBP prices.

While portraying the same, the pair traders may conquer June month’s high of 0.9175 to aim for multiple highs marked in July around 0.9145/40.

It should, however, be noted that the 10-day EMA near 0.9130 and the 0.9100 threshold can question the quote’s further weakness.

Meanwhile, the monthly top of 0.9291, followed by 0.9300 round-figures, can continue challenging the EUR/GBP buyers ahead of directing them to the yearly peak of 0.9499.

EUR/GBP daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 0.918
Today Daily Change -11 pips
Today Daily Change % -0.12%
Today daily open 0.9191
 
Trends
Daily SMA20 0.9023
Daily SMA50 0.9034
Daily SMA100 0.8982
Daily SMA200 0.8808
 
Levels
Previous Daily High 0.9259
Previous Daily Low 0.9184
Previous Weekly High 0.9292
Previous Weekly Low 0.8929
Previous Monthly High 0.907
Previous Monthly Low 0.8909
Daily Fibonacci 38.2% 0.9212
Daily Fibonacci 61.8% 0.923
Daily Pivot Point S1 0.9164
Daily Pivot Point S2 0.9136
Daily Pivot Point S3 0.9088
Daily Pivot Point R1 0.9239
Daily Pivot Point R2 0.9287
Daily Pivot Point R3 0.9314

 

 

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