EUR/GBP Technical Analysis: Intraday slide stalls ahead of 200-hour SMA/ascending trend-line confluence support

Haresh Menghani FXStreet

• The cross struggled to build on overnight goodish up-move beyond the very important 200-day SMA, or over two-week tops, and now seems to have snapped three consecutive days of winning streak.

• Despite the prevalent bearish pressure, the downslide abated ahead of an important confluence support, comprising of a short-term ascending trend-line and 200-hour SMA.

• With technical indicators on 1-hourly/daily chart holding in bearish territory, a convincing break below the mentioned support would suggest that the recent corrective bounce might have already run out of steam.

• However, a sustained move back above 200-day SMA might negate any near-term bearish bias and pave the way for an extension of the recovery move from near four-month lows, touched earlier this month.

EUR/GBP 1-hourly chart

EUR/GBP

Overview:
    Last Price: 0.8821
    Daily change: -22 pips
    Daily change: -0.249%
    Daily Open: 0.8843
Trends:
    Daily SMA20: 0.8827
    Daily SMA50: 0.8906
    Daily SMA100: 0.888
    Daily SMA200: 0.8836
Levels:
    Daily High: 0.886
    Daily Low: 0.8805
    Weekly High: 0.8836
    Weekly Low: 0.8753
    Monthly High: 0.9054
    Monthly Low: 0.8848
    Daily Fibonacci 38.2%: 0.8839
    Daily Fibonacci 61.8%: 0.8826
    Daily Pivot Point S1: 0.8812
    Daily Pivot Point S2: 0.8781
    Daily Pivot Point S3: 0.8758
    Daily Pivot Point R1: 0.8867
    Daily Pivot Point R2: 0.889
    Daily Pivot Point R3: 0.8921

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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