EUR/GBP technical analysis: Euro off daily highs trading near the 0.8600 handle

EUR/GBP is chopping just above the 0.8600 figure this Wednesday.
The level to beat for sellers is the 0.8600 figure.

Flavio Tosti Independent Analyst

EUR/GBP daily chart

On the daily chart, EUR/GBP is trading in a downtrend below its main daily simple moving averages (DMAs). In the last weeks of trading, the optimism of a Brexit deal drove the spot to the 0.8600 figure.

EUR/GBP four-hour chart

EUR/GBP is trading below near the 0.8600 figure and below its main SMAs, on the four-hour chart, suggesting a bearish bias in the medium term. A close below the 0.8575 support level on a daily closing basis should open the gates to more losses towards the 0.8500 round number on the way down, according to the Technical Confluences Indicator.

EUR/GBP 30-minute chart

EUR/GBP is trading below the downward sloping and 100 and 200 SMAs, suggesting a bearish bias ain the near term. The market is trying to find some support at the 0.8600 handle. However, a break below it can lead to the 0.8570 level and the 0.8500 figure. Resistance is seen at the 0.8626 and 0.8650 price levels.

Additional key levels

EUR/GBP

Overview
Today last price	0.8602
Today Daily Change	0.0010
Today Daily Change %	0.12
Today daily open	0.8592

Trends
Daily SMA20	0.8667
Daily SMA50	0.8822
Daily SMA100	0.8937
Daily SMA200	0.8813

Levels
Previous Daily High	0.8646
Previous Daily Low	0.8584
Previous Weekly High	0.8654
Previous Weekly Low	0.8595
Previous Monthly High	0.9022
Previous Monthly Low	0.8575
Daily Fibonacci 38.2%	0.8608
Daily Fibonacci 61.8%	0.8623
Daily Pivot Point S1	0.8569
Daily Pivot Point S2	0.8546
Daily Pivot Point S3	0.8507
Daily Pivot Point R1	0.8631
Daily Pivot Point R2	0.867
Daily Pivot Point R3	0.8693

Author

Flavio Tosti

Independent Analyst

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