EUR/GBP Price Analysis: Sellers lookout for more downside below 0.8550
- EUR/GBP prints minute gains on Tuesday in the Asian trading session.
- Probable downside if price decisively moves beyond 0.8550.
- Momentum oscillators hold onto the oversold zone with a bearish sentiment.
EUR/GBP continues to grind shallow price movement on Tuesday tracing the previous session’s lull performance.
At the time of writing, EUR/GBP is trading at 0.8558, up 0.04% for the day.
EUR/GBP daily chart
-637653672648963924.png)
On the daily chart, the EUR/GBP cross has been trading lower since the high made on July 20 around 0.8669. The price recovered from the low made on August 10 near 0.8450.
A sustained move below the intraday low would meet the 0.8540 horizontal support level.
In doing so, EUR/GBP bears would then make a way to reach the 20-day Simple Moving Average (SMA) at 0.8518.
The Moving Average Convergence Divergence (MACD) indicator trades in the oversold zone. Any downtick in the MACD would prompt bears to retest the 0.8490 horizontal support level.
Alternatively, if price moves higher, in that case, the first upside target emerges at the 0.8580 horizontal resistance level.
Next, the bulls would aim at the 0.8610 horizontal resistance level followed by the high made on July 21 at 0.8658.
EUR/GBP additional levels
Author
Rekha Chauhan
Independent Analyst
Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.
