EUR/GBP technical analysis: Bearish momentum is weakening

  • 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. 

The daily chart moving average convergence divergence (MACD) histogram has created higher lows in the last few days, contradicting lower lows on EUR/GBP

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.

Daily chart

Trend: Corrective bounce

Technical levels


Today last price 0.8861
Today Daily Change 0.0003
Today Daily Change % 0.03
Today daily open 0.8858
Daily SMA20 0.9001
Daily SMA50 0.9061
Daily SMA100 0.8944
Daily SMA200 0.8841
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



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

Editors’ Picks

EUR/USD pressured around 1.13 after jump in US jobs

EUR/USD is trading around 1.13, down after US Non-Farm Payrolls shocked with a leap of 2.5 million jobs in May, contrary to all projections. The greenback is gaining while stocks are falling, a correlation breakdown. ECB stimulus previously supported the euro.


GBP/USD retreats from highs

GBP/USD is trading below 1.27, off the highs. The pound is struggling after Chief EU Negotiator Barnier reported little progress in Brexit talks. Robust US jobs support the dollar.


Gold sees weekly closing below $1700 - a caution for bulls

The steady decline in Gold prices (futures on Comex) accelerated on Friday, as the rates closed the week below the 1700 mark for the first time in three weeks at 1688.35. A weekly closing below the key 1700 level is unlikely to bode well for the bulls.

Gold News

Institutional demand exceeds Bitcoins supply

Greyscale floods the market with fresh money to satisfy the demand of its clients. Investors, willing to pay a 29% surcharge for exposure to Bitcoin without suffering the legal and operational inconveniences. Market remains at risk on the verge of new bullish territory.

Read more

WTI rallies above $39 as focus shifts to OPEC+ meeting

Crude oil prices built on Thursday's modest gains and rose sharply on Friday boosted by the upbeat market mood optimism surrounding Saturday's OPEC+ meeting. 

Oil News