EUR/GBP Price Analysis: Stays pressured towards 0.8500, teases bearish cross

EUR/GBP remains depressed around intraday low, keeps Monday’s bearish move.
100-SMA teases seller-supportive cross to the 200-SMA amid bearish MACD favor.
Seven-week-old rising support line in focus ahead of monthly low.

Anil Panchal FXStreet

EUR/GBP holds lower ground near 0.8530 as European traders brace for Tuesday’s session.

The cross-currency pair keeps downside break of Thursday’s low as MACD flashes bearish signals. Also favoring the sellers is the 100-SMA inching closer to print a bearish cross to the 20-SMA, which if justified will bolster the pair sellers’ strength.

Hence, the EUR/GBP prices may initially aim for an ascending support line from August 10, near 0.8520 but a break of which will clarify the SMA bearish cross and drag the quote towards the monthly low of 0.8500.

Should the pair remains depressed below the 0.8500 round figure, 0.8485 and the last month’s low near 0.8450 will be in focus.

Meanwhile, recovery moves will immediately be challenged by Thursday’s low near 0.8535 before the SMA convergence close to 0.8560 gains the market’s attention.

Above all, double-top marked during the month around 0.8615 will be a tough nut to crack for the EUR/GBP bulls.

EUR/GBP: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.8531
Today Daily Change	-0.0006
Today Daily Change %	-0.07%
Today daily open	0.8537

Trends
Daily SMA20	0.8564
Daily SMA50	0.8547
Daily SMA100	0.8568
Daily SMA200	0.8655

Levels
Previous Daily High	0.858
Previous Daily Low	0.8528
Previous Weekly High	0.8613
Previous Weekly Low	0.8532
Previous Monthly High	0.8599
Previous Monthly Low	0.845
Daily Fibonacci 38.2%	0.8548
Daily Fibonacci 61.8%	0.856
Daily Pivot Point S1	0.8516
Daily Pivot Point S2	0.8496
Daily Pivot Point S3	0.8463
Daily Pivot Point R1	0.8569
Daily Pivot Point R2	0.8601
Daily Pivot Point R3	0.8622

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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