EUR/GBP Price Analysis: Steps back from previous support line below 0.8650


  • EUR/GBP takes a U-turn from intraday high, confirms BPC formation.
  • 100-HMA can test sellers, two-day-old falling trend line adds to the upside filters.

EUR/GBP trims intraday gains while taking offers around 0.8635 during early Thursday. In doing so, the quote fades bounce off 100-HMA while reversing from the previous support line, which in turn confirms the Break-Pullback-Continuation (BPC) bearish chart pattern.

However, a clear downside break of 100-HMA level of 0.8630 becomes necessary for the sellers to retest the weekly bottom surrounding 0.8605.

Should the EUR/GBP sellers keep reins below 0.8605, also break the 0.8600 threshold, the monthly low near 0.8565 will be in the spotlight.

Alternatively, an upside clearance of the support-turned-resistance line near 0.8640 won’t offer a free pass to the pair buyers as a short-term falling trend line close to 0.8650 and the weekly top near 0.8670 will be the key hurdles to watch afterward.

Even if the EUR/GBP bulls manage to cross the 0.8670 hurdle, multiple resistances around the 0.8700 round-figure could challenge the cross-currency pair’s short-term advances.

EUR/GBP hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 0.8638
Today Daily Change 4 pips
Today Daily Change % 0.05%
Today daily open 0.8634
 
Trends
Daily SMA20 0.8634
Daily SMA50 0.8625
Daily SMA100 0.8688
Daily SMA200 0.8863
 
Levels
Previous Daily High 0.8662
Previous Daily Low 0.8629
Previous Weekly High 0.8643
Previous Weekly Low 0.8582
Previous Monthly High 0.872
Previous Monthly Low 0.8472
Daily Fibonacci 38.2% 0.8642
Daily Fibonacci 61.8% 0.8649
Daily Pivot Point S1 0.8622
Daily Pivot Point S2 0.8609
Daily Pivot Point S3 0.8589
Daily Pivot Point R1 0.8655
Daily Pivot Point R2 0.8675
Daily Pivot Point R3 0.8687

 

 

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