EUR/GBP technical analysis: Holds comfortably above 200-DMA/50% Fibo. confluence region, all set to climb further

   •  The EUR/GBP cross built on its strong bullish momentum witnessed over the past few weeks and rallied to over three-month tops on Wednesday, levels beyond the 0.8800 handle.

   •  After the overnight turnaround from multi-day lows, a sustained move beyond 200-day SMA was seen as a key trigger for bullish traders and fueling the ongoing positive momentum.

The mentioned resistance coincides with 50% Fibonacci retracement level of the 0.9119-0.8471 downfall and should now act as a key pivotal point for the pair's near-term trajectory. Given that the cross has found acceptance above the mentioned confluence region, Wednesday’s up-move marks a fresh near-term bullish break out amid mounting Brexit/UK political uncertainty.

Meanwhile, technical indicators on 4-hourly/daily charts have started moving into overbought territory and warrant some near-term consolidation before traders start positioning for the next leg of an appreciating move. The cross now seems all set to aim towards testing 61.8% Fibo. level, around the 0.8855-60 region, before eventually darting to reclaiming the 0.8900 handle.

EUR/GBP daily chart


Today last price 0.8823
Today Daily Change 0.0039
Today Daily Change % 0.44
Today daily open 0.8784
Daily SMA20 0.8647
Daily SMA50 0.8617
Daily SMA100 0.8687
Daily SMA200 0.8794
Previous Daily High 0.8792
Previous Daily Low 0.8724
Previous Weekly High 0.878
Previous Weekly Low 0.8622
Previous Monthly High 0.8685
Previous Monthly Low 0.8502
Daily Fibonacci 38.2% 0.8766
Daily Fibonacci 61.8% 0.875
Daily Pivot Point S1 0.8742
Daily Pivot Point S2 0.87
Daily Pivot Point S3 0.8675
Daily Pivot Point R1 0.8809
Daily Pivot Point R2 0.8834
Daily Pivot Point R3 0.8876



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD's range play continues ahead of Eurozone Consumer Confidence

EUR/USD remains directionless despite the drop in the US treasury yields. An above-forecast Eurozone Consumer Confidence will likely push the pair higher to the trendline falling from June highs. 


GBP/USD sits at 2-month tops ahead of key Brexit talks

Fresh optimism surrounding the Brexit deal propels GBP/USD to a two-month high. Brexit talks between the EU's chief negotiator Michel Barnier and UK Brexit Secretary Stephen Barclay will be the key.


USD/JPY: Bears eyeing break below 107.45

USD/JPY trades modestly flat, with the bias leaning to the downside, as we wind down into the close for the week following a data-heavy number of sessions which have left more questions unanswered and the outlook murky. 


Gold holds on to recovery gains amid trade/political pessimism

In addition to bouncing off multi-month-old rising trend-line, Gold gains support form recently downbeat trade/political headlines while taking the bids to $1,500 during Friday’s Asian session.

Gold News

Markets unmoved by Fed cut and pause

The Federal Reserve’s latest twist in monetary policy, reducing the fed funds for a second time in two months and then pausing for instructions has left markets without a clear direction on interest rates. Equites ended mixed.

Read more