EUR/GBP technical analysis: Euro finding some support near 0.8880 - Can it last?

EUR/GBP dropped to daily lows near 0.8880 support.
Can the bulls lift the market to 0.8910 resistance?

Flavio Tosti Independent Analyst

EUR/GBP daily chart

EUR/GBP is in a bull leg above its main simple moving averages (SMAs). The market attempted to break above Wednesday high but is currently under pressure below 0.8900 figure.

EUR/GBP 4-hour chart

The trend is slowing down as the market is trading below the 50 SMA and is challenging the 100 SMA.

EUR/GBP 30-minute chart

EUR/GBP is trading below its 100 and 200 SMAs suggesting potential bearish momentum. EUR/GBP found strong support near 0.8870/80 which is a cluster of technical levels according to the Technical Confluences Indicator. If the bears break this support the next level in line is seen at 0.8843 ( daily an weekly pivot point cluster). On the flip side, if the market finds some footing above 0.8880 EUR/GBP could rebound to 0.8910 resistance (technical levels cluster). Further up, lies 0.8935 resistance (previous week high and Wednesday high).

Additional key levels

EUR/GBP

Overview
Today last price	0.8888
Today Daily Change	0.0006
Today Daily Change %	0.07
Today daily open	0.8882

Trends
Daily SMA20	0.8871
Daily SMA50	0.874
Daily SMA100	0.869
Daily SMA200	0.8782

Levels
Previous Daily High	0.893
Previous Daily Low	0.8874
Previous Weekly High	0.8934
Previous Weekly Low	0.8871
Previous Monthly High	0.8876
Previous Monthly Low	0.8489
Daily Fibonacci 38.2%	0.8895
Daily Fibonacci 61.8%	0.8908
Daily Pivot Point S1	0.886
Daily Pivot Point S2	0.8839
Daily Pivot Point S3	0.8804
Daily Pivot Point R1	0.8916
Daily Pivot Point R2	0.8951
Daily Pivot Point R3	0.8972

Author

Flavio Tosti

Independent Analyst

EUR/USD trims losses, back to 1.1830

EUR/USD manages to regain some composure, leaving behind part of the earlier losses and reclaim the 1.1830 region on Tuesday. In the meantime, the US Dollar’s upside impulse loses some momentum while investors remain cautious ahead of upcoming US data releases, including the FOMC Minutes.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand

The cryptocurrency market extends weakness with major coins including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading in sideways price action at the time of writing on Tuesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.