Market Analysis: EUR/GBP Slips
EUR/GBP declined and is now consolidating losses above the 0.8500 region.
Important Takeaways for EUR/GBP Analysis Today
- EUR/GBP is trading in a bearish zone below the 0.8630 pivot level.
- There is a connecting bearish trend line forming with resistance near 0.8570 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a steady decline from well above 0.8700. The Euro traded below the 0.8630 support level against the British Pound.
The EUR/GBP chart suggests that the pair even declined below the 0.8600 level and tested 0.8520. It is now consolidating losses and trading below the 50-hour simple moving average. Recently, there was a minor increase above the 0.8540 level.
The pair is now facing resistance near the 23.6% Fib retracement level of the downward move from the 0.8738 swing high to the 0.8518 low. There is also a connecting bearish trend line forming with resistance near 0.8570.
The next major resistance could be 0.8630 and the 50% Fib retracement level of the downward move from the 0.8738 swing high to the 0.8518 low.
A close above the 0.8630 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8685. Any more gains might send the pair toward the 0.8740 level.
Immediate support sits near 0.8520. The next major support is near 0.8500. A downside break below the 0.8500 support might call for more downsides. In the stated case, the pair could drop toward the 0.8360 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 declined and is now consolidating losses above the 0.8500 region.
Important Takeaways for EUR/GBP Analysis Today
- EUR/GBP is trading in a bearish zone below the 0.8630 pivot level.
- There is a connecting bearish trend line forming with resistance near 0.8570 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a steady decline from well above 0.8700. The Euro traded below the 0.8630 support level against the British Pound.
The EUR/GBP chart suggests that the pair even declined below the 0.8600 level and tested 0.8520. It is now consolidating losses and trading below the 50-hour simple moving average. Recently, there was a minor increase above the 0.8540 level.
The pair is now facing resistance near the 23.6% Fib retracement level of the downward move from the 0.8738 swing high to the 0.8518 low. There is also a connecting bearish trend line forming with resistance near 0.8570.
The next major resistance could be 0.8630 and the 50% Fib retracement level of the downward move from the 0.8738 swing high to the 0.8518 low.
A close above the 0.8630 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8685. Any more gains might send the pair toward the 0.8740 level.
Immediate support sits near 0.8520. The next major support is near 0.8500. A downside break below the 0.8500 support might call for more downsides. In the stated case, the pair could drop toward the 0.8360 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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.