EUR/GBP Faces Hurdle
EUR/GBP is consolidating and remains at risk of more downsides below 0.8545.
Important Takeaways for EUR/GBP Analysis Today
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a fresh decline from the 0.8640 resistance. The Euro traded below the 0.8600 support and moved into a bearish zone against the British Pound.
The EUR/GBP chart suggests that the pair settled below the 50-hour simple moving average and 0.8580. A low is formed near 0.8545, and the pair is now consolidating losses. The RSI is stuck near 50.
Immediate resistance is near a key breakout pattern at 0.8575. It coincides with the 61.8% Fib retracement level of the downward move from the 0.8599 swing high to the 0.8549 low.
The next major resistance for the bulls is near the 76.4% Fib retracement level of the downward move from the 0.8599 swing high to the 0.8549 low at 0.8580. A close above the 0.8580 level might accelerate gains.
In the stated case, the bulls may perhaps aim for a test of 0.8600. Any more gains might send the pair toward the 0.8640 level.
If there is no move below 0.8580, EUR/GBP could continue to move down. Immediate support sits at 0.8560. The next major support is near 0.8545. A downside break below 0.8545 might call for more downsides. In the stated case, the pair could drop toward the 0.8500 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.
Important Takeaways for EUR/GBP Analysis Today
- EUR/GBP declined below the 0.8600 and 0.8580 support levels.
- There is a key breakout pattern forming with support near 0.8560 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a fresh decline from the 0.8640 resistance. The Euro traded below the 0.8600 support and moved into a bearish zone against the British Pound.
The EUR/GBP chart suggests that the pair settled below the 50-hour simple moving average and 0.8580. A low is formed near 0.8545, and the pair is now consolidating losses. The RSI is stuck near 50.
Immediate resistance is near a key breakout pattern at 0.8575. It coincides with the 61.8% Fib retracement level of the downward move from the 0.8599 swing high to the 0.8549 low.
The next major resistance for the bulls is near the 76.4% Fib retracement level of the downward move from the 0.8599 swing high to the 0.8549 low at 0.8580. A close above the 0.8580 level might accelerate gains.
In the stated case, the bulls may perhaps aim for a test of 0.8600. Any more gains might send the pair toward the 0.8640 level.
If there is no move below 0.8580, EUR/GBP could continue to move down. Immediate support sits at 0.8560. The next major support is near 0.8545. A downside break below 0.8545 might call for more downsides. In the stated case, the pair could drop toward the 0.8500 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.
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