EUR/GBP Starts Consolidation
EUR/GBP Starts Consolidation
EUR/GBP is consolidating and might aim for a fresh increase above 0.8320.
Important Takeaways for EUR/GBP Analysis Today
- EUR/GBP is trading in a bearish zone below the 0.8330 pivot level.
- There is a short-term contracting triangle forming with resistance near 0.8305 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a consolidation phase after it failed to surpass 0.8330. The Euro traded below the 0.8320 and 0.8300 support levels against the British Pound.
The EUR/GBP chart suggests that the pair even declined below the 50% Fib retracement level of the upward move from the 0.8275 swing low to the 0.8317 high. It is now consolidating losses and trading below the 50-hour simple moving average.
The pair is now facing resistance near the 0.8305 level. There is also a short-term contracting triangle forming with resistance near 0.8305.
The next major resistance could be 0.8320. The main resistance is near the 0.8330 zone. A close above the 0.8330 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8380. Any more gains might send the pair toward the 0.8400 level.
Immediate support sits near 0.8290. The next major support is near 0.8285 or the 76.4% Fib retracement level of the upward move from the 0.8275 swing low to the 0.8317 high.
A downside break below the 0.8285 support might call for more downsides. In the stated case, the pair could drop toward the 0.8265 support level.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
EUR/GBP is consolidating and might aim for a fresh increase above 0.8320.
Important Takeaways for EUR/GBP Analysis Today
- EUR/GBP is trading in a bearish zone below the 0.8330 pivot level.
- There is a short-term contracting triangle forming with resistance near 0.8305 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a consolidation phase after it failed to surpass 0.8330. The Euro traded below the 0.8320 and 0.8300 support levels against the British Pound.
The EUR/GBP chart suggests that the pair even declined below the 50% Fib retracement level of the upward move from the 0.8275 swing low to the 0.8317 high. It is now consolidating losses and trading below the 50-hour simple moving average.
The pair is now facing resistance near the 0.8305 level. There is also a short-term contracting triangle forming with resistance near 0.8305.
The next major resistance could be 0.8320. The main resistance is near the 0.8330 zone. A close above the 0.8330 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8380. Any more gains might send the pair toward the 0.8400 level.
Immediate support sits near 0.8290. The next major support is near 0.8285 or the 76.4% Fib retracement level of the upward move from the 0.8275 swing low to the 0.8317 high.
A downside break below the 0.8285 support might call for more downsides. In the stated case, the pair could drop toward the 0.8265 support level.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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