The EURGBP pair experiences a decline, reaching a level of 0.85884, due to UK bond yields outperforming German bond yields, leading to the strengthening of the Pound.

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• EUR/GBP slides as UK bond yields surpass German bond yields, strengthening the Pound.

The pair currently trades last at 0.85884.

The previous day high was 0.8643 while the previous day low was 0.8611. The daily 38.2% Fib levels comes at 0.8623, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8631, expected to provide resistance.

EUR/GBP slid during the Friday session as UK bond yields surpassed German bond yields, the strongest of the Eurozone (EU), bolstering the appetite for the Pound Sterling (GBP). That, alongside a dark-cloud conver technical chart pattern, exacerbated the EUR/GBP’s fall below the 0.8600 figure. At the time of writing, the EUR/GBP is trading at 0.8585, down 0.33%.

From a technical perspective, the EUR/GBP is still neutral to downward biased, with long-term daily Exponential Moving Averages (EMAs) standing above the exchange rates; while the EUR/GBP remains unable to break the May 24 daily low support area turned resistance at around 0.8648, and seen as the latest swing low needed to be broken, to change the pair’s bias.

However, on its way toward that level, the EUR/GBP must reclaim the 0.8600 figure. A breach of the latter will expose the 0.8648 May low, which, If broken decisively, it could pave the way toward the confluence of the 100 and 200-day Exponential Moving Averages (EMAs) at 0.8693/95 before challenging 0.8700.

Conversely, and the path of least resistance, the EUR/GBP first support would be the 0.8500 mark. A dip below will send the cross toward the June 23 daily low of 0.8535 before testing the June 19 swing low of 0.8518 before slumping to the 0.85 figure.

Technical Levels: Supports and Resistances

EURGBP currently trading at 0.8592 at the time of writing. Pair opened at 0.8613 and is trading with a change of -0.24 % .

The pair is trading above its 20 Daily moving average @ 0.8582, below its 50 Daily moving average @ 0.8668 , below its 100 Daily moving average @ 0.8744 and below its 200 Daily moving average @ 0.8747

The previous day high was 0.8643 while the previous day low was 0.8611. The daily 38.2% Fib levels comes at 0.8623, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8631, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.8601, 0.859, 0.8569
• Pivot resistance is noted at 0.8634, 0.8655, 0.8667

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