EUR/GBP Technical Analysis: Likely to oscillate in a range after yesterday’s strong run-up

Haresh Menghani FXStreet

• The pair's overnight strong upsurge failed to make it through a confluence resistance - comprising of 100-day SMA and 50% Fibonacci retracement level of the 0.9099-0.8656 recent downfall.

• The cross started correcting from 2-1/2 week tops, albeit the downside remained limited and found some support near another confluence region - 200-day SMA and 38.2% Fibonacci retracement level.

• Technical indicators on the daily chart are yet to catch-up with the strong bullish momentum and have been correcting from near-term oversold conditions on the hourly charts.

• A combination of diverging indicators suggests that the cross seems more likely to oscillate between the two important moving averages and consolidate overnight strong upsurge.

EUR/GBP daily chart

EUR/GBP

Overview:
    Last Price: 0.8843
    Daily change: -26 pips
    Daily change: -0.293%
    Daily Open: 0.8869
Trends:
    Daily SMA20: 0.8798
    Daily SMA50: 0.8835
    Daily SMA100: 0.8881
    Daily SMA200: 0.8835
Levels:
    Daily High: 0.8892
    Daily Low: 0.8696
    Weekly High: 0.8774
    Weekly Low: 0.869
    Monthly High: 0.8942
    Monthly Low: 0.8722
    Daily Fibonacci 38.2%: 0.8817
    Daily Fibonacci 61.8%: 0.8771
    Daily Pivot Point S1: 0.8746
    Daily Pivot Point S2: 0.8623
    Daily Pivot Point S3: 0.8551
    Daily Pivot Point R1: 0.8942
    Daily Pivot Point R2: 0.9014
    Daily Pivot Point R3: 0.9137

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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