EUR/GBP technical analysis: 2-week old support-line limits immediate downside

U-turn from immediate support-line favors upside to the nearby trend-line resistance.
Overall sentiment remains positive till the pair stays above 0.8810.

Anil Panchal FXStreet

Following its bounce from the near-term support-line, the EUR/GBP pair currently trades around 0.8820 during the early Asian session on Thursday.

With this, the quote is likely running upwards to 0.8830 ahead of confronting a week-long trend-line resistance, near 0.0.8840.

If prices manage to clear 0.8840, current month high near 0.8851 and late-January tops around 0.8865/70 may gain buyers’ attention.

Alternatively, a downside break of 0.8810 mark comprising an upward sloping trend-line since mid-May and 23.6% Fibonacci retracement of latest up-move can trigger the pair’s fresh declines to 0.8790.

Given the bears’ dominance below 0.8790, 0.8750 and 61.8% Fibonacci retracement of 0.8740 could mark their presence on the chart.

EUR/GBP 4-Hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	0.882
Today Daily Change	6 pips
Today Daily Change %	0.07%
Today daily open	0.8814

Trends
Daily SMA20	0.8706
Daily SMA50	0.8649
Daily SMA100	0.8676
Daily SMA200	0.8789

Levels
Previous Daily High	0.8834
Previous Daily Low	0.8797
Previous Weekly High	0.8852
Previous Weekly Low	0.8724
Previous Monthly High	0.8685
Previous Monthly Low	0.8502
Daily Fibonacci 38.2%	0.8811
Daily Fibonacci 61.8%	0.882
Daily Pivot Point S1	0.8796
Daily Pivot Point S2	0.8778
Daily Pivot Point S3	0.876
Daily Pivot Point R1	0.8833
Daily Pivot Point R2	0.8851
Daily Pivot Point R3	0.8869

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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