- 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
|Today last price||0.918|
|Today Daily Change||-11 pips|
|Today Daily Change %||-0.12%|
|Today daily open||0.9191|
|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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