- EUR/GBP could be in for a minor corrective bounce to 0.89.
- Daily chart indicator shows the bearish momentum has likely run out of steam.
EUR/GBP could be in for a minor bounce, as the key indicator shows the bearish momentum has weakened.
That divergence indicates the bearish move is losing traction. Also, on Tuesday, the pair created an inverted hammer candle at the 200-day moving average support, indicating seller exhaustion near key support.
The pair, therefore, could rise to 0.89 in a day or two. As of writing, EUR/GBP is trading at 0.8861, representing little change on the day.
The case for a bounce would weaken if the pair drops below Tuesday's low of 0.8838.
Trend: Corrective bounce
|Today last price||0.8861|
|Today Daily Change||0.0003|
|Today Daily Change %||0.03|
|Today daily open||0.8858|
|Previous Daily High||0.8892|
|Previous Daily Low||0.8838|
|Previous Weekly High||0.9016|
|Previous Weekly Low||0.8852|
|Previous Monthly High||0.9326|
|Previous Monthly Low||0.9016|
|Daily Fibonacci 38.2%||0.8871|
|Daily Fibonacci 61.8%||0.8859|
|Daily Pivot Point S1||0.8833|
|Daily Pivot Point S2||0.8809|
|Daily Pivot Point S3||0.878|
|Daily Pivot Point R1||0.8887|
|Daily Pivot Point R2||0.8916|
|Daily Pivot Point R3||0.894|
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