EUR/GBP Technical Analysis: Failure to surpass 50-day SMA highlights 0.8610 support

EUR/GBP is a little weak around 0.8665 on early Friday.
The quote couldn’t provide a daily closing beyond 50-day simple moving average (SMA) figure of 0.8690 during its rise on Thursday.
As a result, a downward sloping trend-line stretched since January 03 at 0.8610 regain market attention as a break of which triggered the pair’s recent rise.
Should the pair slips under 0.8610, 0.8560, 0.8520 and 0.8500 might entertain short-term sellers ahead of pleasing them with an early-month low around 0.8470.
In a case where prices drop beneath 0.8470, 61.8% Fibonacci expansion (FE) of pair moves since January, at 0.8360, could flash on bears’ radar to target.
On the upside, a D1 close beyond 0.8690 could validate the pair’s rise in a direction to 0.8740 and 50% Fibonacci retracement level near 0.8790.
However, 200-day SMA level of 0.8845 may confine the pair’s rally beyond 0.8790, if not then chances of 0.8950 and 0.9000 coming back to the chart can’t be denied.

Anil Panchal FXStreet

EUR/GBP daily chart

Additional important levels

Overview
Today last price	0.8669
Today Daily Change	19 pips
Today Daily Change %	0.22
Today daily open	0.865

Trends
Daily SMA20	0.8591
Daily SMA50	0.8703
Daily SMA100	0.8807
Daily SMA200	0.8846

Levels
Previous Daily High	0.8668
Previous Daily Low	0.8549
Previous Weekly High	0.8678
Previous Weekly Low	0.847
Previous Monthly High	0.8842
Previous Monthly Low	0.8529
Daily Fibonacci 38.2%	0.8622
Daily Fibonacci 61.8%	0.8594
Daily Pivot Point S1	0.8577
Daily Pivot Point S2	0.8504
Daily Pivot Point S3	0.8458
Daily Pivot Point R1	0.8695
Daily Pivot Point R2	0.8741
Daily Pivot Point R3	0.8814

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.

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