The EURGBP currency pair has experienced a five-day period of gains, although it pulled back from its two-month high achieved the day before. Analysts, including Nehcap, predict that there is unlikely to be significant further increases.
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- EUR/GBP prints five-day winning streak despite retreat from two-month high the previous day.
The pair currently trades last at 0.86703.
The previous day high was 0.8701 while the previous day low was 0.8608. The daily 38.2% Fib levels comes at 0.8665, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8643, expected to provide support.
EUR/GBP bulls occupy the driver’s seat around 0.8670, up for the fifth consecutive day heading into Thursday’s London open. In doing so, the cross-currency pair justifies the previous day’s upside break of an eight-week-old descending trend line by reversing the retreat from its highest level since late May, marked on Wednesday.
Apart from the trend line breakout, bullish MACD signals also enable the EUR/GBP buyers to keep the reins.
However, the RSI (14) line appears nearly overbought and hence the 200-Exponential Moving Average (EMA) hurdle surrounding 0.8685 may again prod the pair buyers.
If the EUR/GBP manages to remain firmer past 0.8685, a horizontal area comprising multiple levels marked since January and a five-month-old descending resistance line, respectively near 0.8720 and 0.8765, will be in the spotlight.
Alternatively, the EUR/GBP pullback remains elusive unless the quote provides a daily closing beneath the resistance-turned-support line, close to 0.8620 at the latest.
It’s worth noting that a one-week-long rising support line surrounding 0.8610 and the 0.8600 round figure could challenge the pair sellers past 0.8620 before giving them control.
Trend: Limited upside expected
Technical Levels: Supports and Resistances
EURGBP currently trading at 0.867 at the time of writing. Pair opened at 0.8657 and is trading with a change of 0.15% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.867 |
| 1 | Today Daily Change | 0.0013 |
| 2 | Today Daily Change % | 0.15% |
| 3 | Today daily open | 0.8657 |
The pair is trading above its 20 Daily moving average @ 0.8579, above its 50 Daily moving average @ 0.8609 , below its 100 Daily moving average @ 0.8706 and below its 200 Daily moving average @ 0.873
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.8579 |
| 1 | Daily SMA50 | 0.8609 |
| 2 | Daily SMA100 | 0.8706 |
| 3 | Daily SMA200 | 0.8730 |
The previous day high was 0.8701 while the previous day low was 0.8608. The daily 38.2% Fib levels comes at 0.8665, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8643, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.8609, 0.8562, 0.8516
- Pivot resistance is noted at 0.8703, 0.8749, 0.8797
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.8701 |
| Previous Daily Low | 0.8608 |
| Previous Weekly High | 0.8584 |
| Previous Weekly Low | 0.8504 |
| Previous Monthly High | 0.8658 |
| Previous Monthly Low | 0.8518 |
| Daily Fibonacci 38.2% | 0.8665 |
| Daily Fibonacci 61.8% | 0.8643 |
| Daily Pivot Point S1 | 0.8609 |
| Daily Pivot Point S2 | 0.8562 |
| Daily Pivot Point S3 | 0.8516 |
| Daily Pivot Point R1 | 0.8703 |
| Daily Pivot Point R2 | 0.8749 |
| Daily Pivot Point R3 | 0.8797 |
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