EUR/GBP Technical Analysis: hits lowest since May 2017

The EUR/GBP pair fell to 0.8616 yesterday, the lowest level since May 2017, pushing the 14-day relative strength index (RSI) into oversold territory for the first time since Oct. 10.
The RSI on the hourly and 4-hour chart is also signaling oversold conditions.
A minor bounce could be in the offing. The immediate outlook, however, would remain bearish while the pair held below the descending 10-day MA, currently at 0.8778.

Omkar Godbole FXStreet Contributor

Daily chart

Trend: bearish but minor bounce likely

EUR/GBP

Overview:
    Today Last Price: 0.863
    Today Daily change: -0.0030 pips
    Today Daily change %: -0.35%
    Today Daily Open: 0.866
Trends:
    Daily SMA20: 0.8904
    Daily SMA50: 0.8929
    Daily SMA100: 0.8882
    Daily SMA200: 0.8867
Levels:
    Previous Daily High: 0.8727
    Previous Daily Low: 0.8651
    Previous Weekly High: 0.8988
    Previous Weekly Low: 0.8764
    Previous Monthly High: 0.9089
    Previous Monthly Low: 0.8863
    Daily Fibonacci 38.2%: 0.868
    Daily Fibonacci 61.8%: 0.8698
    Daily Pivot Point S1: 0.8631
    Daily Pivot Point S2: 0.8603
    Daily Pivot Point S3: 0.8555
    Daily Pivot Point R1: 0.8707
    Daily Pivot Point R2: 0.8755
    Daily Pivot Point R3: 0.8783

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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