EUR/GBP Technical Analysis: Breaks 100-hour SMA support, weakens farther below 0.90 mark

• The cross extended last week's retracement slide from the 0.9060 supply zone and has now drifted to the lower end of a near three-week-old trading range.

• The price action constituted to form a rectangle on the daily chart, usually seen as a continuation pattern but also mark trend significant tops or bottoms.

EUR/GBP daily chart

• A sustained break below the key 0.90 psychological mark or 100-hour SMA was seen as a key trigger for bearish traders and the latest leg of a sudden drop.

• Technical indicators on the 1-hourly chart are already pointing to slightly overbought conditions and thus, warrant some caution before placing fresh bearish bets.

1-hourly chart

• Meanwhile, oscillators on the 4-hourly chart have been gaining bearish traction and also losing positive momentum on the 4-hourly chart, indicating further downside.

• The bearish technical set-up now seems to suggest that any attempted rebound is more likely to be utilized as a selling opportunity near the 0.900 handle.

EUR/GBP

Overview:
    Today Last Price: 0.8978
    Today Daily change: -32 pips
    Today Daily change %: -0.355%
    Today Daily Open: 0.901
Trends:
    Previous Daily SMA20: 0.8984
    Previous Daily SMA50: 0.8891
    Previous Daily SMA100: 0.8899
    Previous Daily SMA200: 0.885
Levels:
    Previous Daily High: 0.9062
    Previous Daily Low: 0.9004
    Previous Weekly High: 0.9065
    Previous Weekly Low: 0.8902
    Previous Monthly High: 0.8932
    Previous Monthly Low: 0.8656
    Previous Daily Fibonacci 38.2%: 0.9026
    Previous Daily Fibonacci 61.8%: 0.904
    Previous Daily Pivot Point S1: 0.8989
    Previous Daily Pivot Point S2: 0.8967
    Previous Daily Pivot Point S3: 0.8931
    Previous Daily Pivot Point R1: 0.9047
    Previous Daily Pivot Point R2: 0.9083
    Previous Daily Pivot Point R3: 0.9105

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.