The EURGBP currency pair has reached a new high in the past six days around the level of 0.8580. This level coincides with the 50-day Simple Moving Average (SMA).

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• EUR/GBP prints a new six-day high at around 0.8580, confluence with the 50-day SMA.

The pair currently trades last at 0.85796.

The previous day high was 0.8566 while the previous day low was 0.8493. The daily 38.2% Fib levels comes at 0.8538, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8521, expected to provide support.

EUR/GBP resumes its uptrend and hits a six-day high, with buyers set to challenge higher prices after weaker economic data from the UK hurt the Pound Sterling (GBP) prospects. At the time of writing, the pair is exchanging hands at 0.8579, gains 0.52%.

From a daily chart perspective, the cross remains neutral to downward biased, but the latest economic data from the UK shifted flows and favored the Euro (EUR). Today’s price action witnessed the EUR/GBP printing a new six-day high at around 0.8580, which confluences with the 50-day Simple Moving Average (SMA). A break above would expose the 0.8600 figure, followed by the month-to-date (MTD) high of 0.8669.

Short term, the pair is set to close the week in an upbeat mode, as the pair would end Thursday’s session at weekly highs. If EUR/GBP decisively breaks 0.8600, key resistance levels emerge at the August 14 high at 0.8632, followed by the August 11 daily high at 0.8669. Next stop would be 0.8700. Conversely, if the cross drops below the 200-hour MA (HMA) at 0.8553, Thursday’s lows would be up for grabs at 0.8534, followed by the YTD low at 0.8492.

Technical Levels: Supports and Resistances

EURGBP currently trading at 0.8581 at the time of writing. Pair opened at 0.8537 and is trading with a change of 0.52 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.8584, 50 SMA 0.8582, 100 SMA @ 0.8651 and 200 SMA @ 0.8716.

The previous day high was 0.8566 while the previous day low was 0.8493. The daily 38.2% Fib levels comes at 0.8538, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8521, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8498, 0.8459, 0.8425
• Pivot resistance is noted at 0.8571, 0.8605, 0.8644

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