EUR/GBP Price Analysis: Struggles near weekly lows, around 0.9000 mark

EUR/GBP struggled to gain any traction or register any meaningful recovery from weekly lows.
Mixed oscillators on hourly/daily charts warrant some caution before placing directional bets.

Haresh Menghani FXStreet

The EUR/GBP cross remained depressed near weekly lows, with bears eyeing a sustained break below the key 0.9000 psychological mark.

The mentioned level marks a previous strong resistance breakpoint. This is closely followed by the 38.2% Fibonacci level of the 0.8671-0.9176 positive move, around the 0.8985 region, which should now act as a key pivotal point for short-term traders.

Meanwhile, technical indicators on hourly charts have been gaining negative traction and support prospects for an extension of the corrective slide. However, oscillators on the daily chart are yet to confirm the bearish bias, warranting some caution.

Hence, it will be prudent to wait for some strong follow-through selling below the 0.8985 support area before positioning for any further near-term depreciating move. The cross might then accelerate the slide to 50% Fibo. level, around the 0.8925 region.

On the flip side, the 0.9065 region (23.6% Fibo. level) now becomes immediate strong resistance, above which the cross is likely to make a fresh attempt to reclaim the 0.9100 mark. The momentum could further get extended towards the 0.9140 supply zone.

EUR/GBP 4-hourly chart

Technical levels to watch

EUR/GBP

Overview
Today last price	0.9011
Today Daily Change	-0.0007
Today Daily Change %	-0.08
Today daily open	0.9018

Trends
Daily SMA20	0.9
Daily SMA50	0.8907
Daily SMA100	0.8835
Daily SMA200	0.8704

Levels
Previous Daily High	0.908
Previous Daily Low	0.9013
Previous Weekly High	0.91
Previous Weekly Low	0.9001
Previous Monthly High	0.9176
Previous Monthly Low	0.8864
Daily Fibonacci 38.2%	0.9038
Daily Fibonacci 61.8%	0.9054
Daily Pivot Point S1	0.8994
Daily Pivot Point S2	0.897
Daily Pivot Point S3	0.8928
Daily Pivot Point R1	0.9061
Daily Pivot Point R2	0.9104
Daily Pivot Point R3	0.9128

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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