EUR/GBP technical analysis: Correction likely below 200-hour MA

EUR/GBP's daily chart indicator is reporting overbought conditions.
A break below the strong support of the 200-hour MA could yield correction.

Omkar Godbole FXStreet Contributor

EUR/GBP is looking overbought, as per the widely followed 14-day relative strength index, and could see notably correction once the 200-hour moving average (MA) support is breached.

This is due to the fact that the 200-hour MA has consistently served as strong support since May 29.

The average is currently located at 0.8890 and the pair is trading at 0.8907. Acceptance below the 200-hour MA would open the doors to 0.8826 (June 6 low).

Hourly chart

Trend: Bearish below 200-hour MA

EUR/GBP

Overview
Today last price	0.8907
Today Daily Change	0.0003
Today Daily Change %	0.03
Today daily open	0.8904

Trends
Daily SMA20	0.8852
Daily SMA50	0.8723
Daily SMA100	0.8684
Daily SMA200	0.8782

Levels
Previous Daily High	0.8918
Previous Daily Low	0.8881
Previous Weekly High	0.8934
Previous Weekly Low	0.8871
Previous Monthly High	0.8876
Previous Monthly Low	0.8489
Daily Fibonacci 38.2%	0.8904
Daily Fibonacci 61.8%	0.8895
Daily Pivot Point S1	0.8884
Daily Pivot Point S2	0.8864
Daily Pivot Point S3	0.8847
Daily Pivot Point R1	0.8922
Daily Pivot Point R2	0.8939
Daily Pivot Point R3	0.8959

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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