The EURGBP pair, trading at a value of 0.86077, continues to remain inactive after reaching its highest level in a week the day before. According to the analyst @nehcap, it is expected to decline in value.
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- EUR/GBP remains sidelined after refreshing a one-week high the previous day.
The pair currently trades last at 0.86077.
The previous day high was 0.8629 while the previous day low was 0.8584. The daily 38.2% Fib levels comes at 0.8612, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8601, expected to provide support.
EUR/GBP aptly portrays the traders’ anxiety ahead of the Bank of England (BoE) Interest Rate Decision while making rounds to 0.8600 amid early Thursday in Europe. In doing so, the cross-currency pair pauses the two-day winning streak at the highest level since July 25.
Also read: Bank of England Preview: Sell Sterling? Why Bailey may break the Pound, even with a bigger hike
Apart from the market’s indecision about the size of the BoE’s rate increase, the impending “Death Cross” on the four-hour chart also highlights the EUR/GBP pair for the intraday traders. That said, “Death Cross” is a moving average cross when 50-SMA pierces 200-SMA from above and suggests further downside of the underlying.
It’s worth noting, however, that BoE’s hawkish move a clear break of the SMA confluence, around 0.8585 by the press time, becomes necessary to welcome the EUR/GBP sellers.
Even so, an upward-sloping support line from July 11, close to 0.8560 at the latest, can prod the bears before directing them to the previous monthly low of around the 0.8500 threshold.
Meanwhile, EUR/GBP recovery remains elusive unless crossing a five-week-old horizontal resistance area surrounding 0.8645.
Following that, July’s peak of near 0.8700 round figure may lure the EUR/GBP bulls.
Trend: Downside expected
Technical Levels: Supports and Resistances
EURGBP currently trading at 0.8604 at the time of writing. Pair opened at 0.8605 and is trading with a change of -0.01% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.8604 |
| 1 | Today Daily Change | -0.0001 |
| 2 | Today Daily Change % | -0.01% |
| 3 | Today daily open | 0.8605 |
The pair is trading above its 20 Daily moving average @ 0.8585, above its 50 Daily moving average @ 0.859 , below its 100 Daily moving average @ 0.8681 and below its 200 Daily moving average @ 0.8725
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.8585 |
| 1 | Daily SMA50 | 0.8590 |
| 2 | Daily SMA100 | 0.8681 |
| 3 | Daily SMA200 | 0.8725 |
The previous day high was 0.8629 while the previous day low was 0.8584. The daily 38.2% Fib levels comes at 0.8612, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8601, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.8583, 0.8562, 0.8539
- Pivot resistance is noted at 0.8628, 0.8651, 0.8672
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.8629 |
| Previous Daily Low | 0.8584 |
| Previous Weekly High | 0.8663 |
| Previous Weekly Low | 0.8544 |
| Previous Monthly High | 0.8701 |
| Previous Monthly Low | 0.8504 |
| Daily Fibonacci 38.2% | 0.8612 |
| Daily Fibonacci 61.8% | 0.8601 |
| Daily Pivot Point S1 | 0.8583 |
| Daily Pivot Point S2 | 0.8562 |
| Daily Pivot Point S3 | 0.8539 |
| Daily Pivot Point R1 | 0.8628 |
| Daily Pivot Point R2 | 0.8651 |
| Daily Pivot Point R3 | 0.8672 |
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