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.

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

fxsoriginal

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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD recovers towards 1.1750 as risk-on rules

EUR/USD is back around 1.1750 as upbeat US data fueled equities' early rally. Concerns about economic progress remain in the background, as the pandemic keeps taking its toll. 

EUR/USD News

GBP/USD bounces from 1.30 as demand for the dollar eases

Dollar's corrective advance seems complete, now down against most major rivals. GBP/USD trades little changed for a second consecutive day in the 1.3060/70 price zone. Market players continue to ignore upcoming Brexit chaos.

GBP/USD News

Gold: Interesting Fibonacci extension projects a move to $2500

Gold has risen 10.74% in the month of July, the biggest monthly increase since February 2016. As the price is breaking all-time highs it's hard to say where the yellow metal could end up.

Gold News

ETH/BTC skyrocketing, Bitcoin stays above $11,000

The cryptocurrency market is influenced by leveraged positions liquidation. Cryptocurrency experts expect further growth amid a global flight to safety assets. ETH/BTC hits the highest level since May 2019.

Read more

WTI drops below $40 on demand worries, OPEC+ output increase

Crude oil prices posted losses last week and seem to be struggling to shake off the bearish pressure on Monday. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $39.85, losing 1.5% on a daily basis.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures