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.

Rekha Chauhan Independent Analyst

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

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

EUR/GBP

Overview
Today last price	0.856
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	0.856

Trends
Daily SMA20	0.8516
Daily SMA50	0.8549
Daily SMA100	0.8592
Daily SMA200	0.871

Levels
Previous Daily High	0.8594
Previous Daily Low	0.855
Previous Weekly High	0.8591
Previous Weekly Low	0.8484
Previous Monthly High	0.867
Previous Monthly Low	0.85
Daily Fibonacci 38.2%	0.8567
Daily Fibonacci 61.8%	0.8577
Daily Pivot Point S1	0.8542
Daily Pivot Point S2	0.8525
Daily Pivot Point S3	0.8499
Daily Pivot Point R1	0.8585
Daily Pivot Point R2	0.8611
Daily Pivot Point R3	0.8628

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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD drops to daily lows near 1.1630

EUR/USD now loses some traction and slips back to the area of daily lows around 1.1630 on the back of a mild bounce in the US Dollar. Fresh US data, including the September PCE inflation numbers and the latest read on December consumer sentiment, didn’t really move the needle, so the pair is still on course to finish the week with a respectable gain.

GBP/USD trims gains, recedes toward 1.3320

GBP/USD is struggling to keep its daily advance, coming under fresh pressure and retreating to the 1.3320 zone following a mild bullish attempt in the Greenback. Even though US consumer sentiment surprised to the upside, the US Dollar isn’t getting much love, as traders are far more interested in what the Fed will say next week.

Gold makes a U-turn, back to $4,200

Gold is now losing the grip and receding to the key $4,200 region per troy ounce following some signs of life in the Greenback and a marked bounce in US Treasury yields across the board. The positive outlook for the precious metal, however, remains underpinned by steady bets for extra easing by the Fed.