EUR/GBP Technical Analysis: Sellers aim for 0.8655 on the break of 0.8710

EUR/GBP trades near 0.8690 heading towards European open on Wednesday.
The pair slid beneath 0.8710 horizontal-support connecting late-January lows, which in turn opens the door for an extended decline to 0.8655 support.
However, oversold levels of 14-bar relative strength index (RSI) may limit the pair’s downside around 0.8655, if not then 0.8615 and 61.8% Fibonacci expansion of its moves from January to mid-February, at 0.8535, can mark their presence on the chart.
On the flipside, 0.8690 and immediate descending trend-line, at 0.8750, can restrict the pair’s near-term advances.
In case prices rally beyond 0.8750, 0.8765 and 0.8790 may please the buyers ahead of luring them towards seven-week-old downward sloping resistance-line, at 0.8810.

Anil Panchal FXStreet

EUR/GBP 4-Hour chart

Additional important levels:

Overview:
    Today Last Price: 0.8686
    Today Daily change: 5 pips
    Today Daily change %: 0.06%
    Today Daily Open: 0.8681
Trends:
    Daily SMA20: 0.8745
    Daily SMA50: 0.8872
    Daily SMA100: 0.8854
    Daily SMA200: 0.8864
Levels:
    Previous Daily High: 0.8764
    Previous Daily Low: 0.8671
    Previous Weekly High: 0.8842
    Previous Weekly Low: 0.8743
    Previous Monthly High: 0.9119
    Previous Monthly Low: 0.8617
    Daily Fibonacci 38.2%: 0.8707
    Daily Fibonacci 61.8%: 0.8729
    Daily Pivot Point S1: 0.8647
    Daily Pivot Point S2: 0.8612
    Daily Pivot Point S3: 0.8553
    Daily Pivot Point R1: 0.874
    Daily Pivot Point R2: 0.8799
    Daily Pivot Point R3: 0.8834

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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