EUR/GBP technical analysis: Buyers lurk around 21-day SMA, 61.8% Fibo.
- EUR/GBP’s pullbacks 0.8976 couldn’t last long as near-term moving average and 61.8% Fibonacci retracement limits the downside.
- Fresh leg up to 0.8925 and 0.8975 is likely provided RSI remains beneath the overbought region.
Failure to decline below the 21-day simple moving average (SMA) and 61.8% Fibonacci retracement of January – March declines presently portrays the EUR/GBP pair’s U-turn as it takes the rounds to 0.8891 while heading into Europe markets’ open on Friday.
Latest high near 0.8925 seems immediate resistance to watch ahead of targeting the month’s top surrounding 0.8976.
During the quote’s additional rise past-0.8976, 0.9000 marks and 0.9060 can offer intermediate stops to the rally that can challenge the current year peak around 0.9120.
Meanwhile, pair’s dip beneath 0.8875/70 support-confluence can drag it to February month high of 0.8752.
Though, 50% Fibonacci retracement level of 0.8793 and 0.8782 level including 200-day SMA could restrict the quote’s further south-run.
EUR/GBP daily chart
Trend: Bullish
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.
