EUR/GBP Price Analysis: Tuesday's drop has exposed 50-day SMA support

EUR/GBP carved a bearish candlestick pattern on Tuesday.
A move above 0.9140 is needed to invalidate bearish pressures.

Omkar Godbole FXStreet Contributor

On Tuesday, EUR/GBP fell by over 0.70% from 0.9135 to 0.9160, forming a bearish marubozu candle, which comprises of big red body and little or no wicks.

The bearish marubozu validates the buyer exhaustion signaled by the multiple rejections near 0.9140 observed in the preceding seven days.

As such, the pair risks falling to the 50-day simple moving average (SMA) support, currently at 0.9006. At press time, the pair is trading at 0.9072, representing a 0.14% gain on the day.

The outlook would turn bullish if and when the pair succeeds in establishing a strong foothold above 0.9140.

Daily chart

Trend: Bearish

Technical levels

EUR/USD

Overview
Today last price	1.173
Today Daily Change	0.0014
Today Daily Change %	0.12
Today daily open	1.1716

Trends
Daily SMA20	1.1423
Daily SMA50	1.1281
Daily SMA100	1.109
Daily SMA200	1.1078

Levels
Previous Daily High	1.1774
Previous Daily Low	1.1699
Previous Weekly High	1.1658
Previous Weekly Low	1.1402
Previous Monthly High	1.1422
Previous Monthly Low	1.1097
Daily Fibonacci 38.2%	1.1727
Daily Fibonacci 61.8%	1.1745
Daily Pivot Point S1	1.1685
Daily Pivot Point S2	1.1655
Daily Pivot Point S3	1.161
Daily Pivot Point R1	1.176
Daily Pivot Point R2	1.1805
Daily Pivot Point R3	1.1835

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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