Market Analysis: EUR/GBP Slides Below Support
EUR/GBP declined heavily below the 0.8720 and 0.8695 support levels.
Important Takeaways for EUR/GBP Analysis Today
· EUR/GBP is trading in a bearish zone below the 0.8720 pivot level.
· There is a major bearish trend line forming with resistance near 0.8695 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a major decline from well above 0.8745. The Euro traded below the 0.8720 and 0.8700 support levels against the British Pound.
The EUR/GBP chart suggests that the pair even declined below the 0.8695 level and tested 0.8675. It is now consolidating losses and trading below the 50-hour simple moving average. The pair is now facing resistance near a major bearish trend line at 0.8695.
It is close to the 23.6% Fib retracement level of the downward move from the 0.8765 swing high to the 0.8672 low. The next major resistance could be 0.8720.
The 50% Fib retracement level of the downward move from the 0.8765 swing high to the 0.8672 low is also at 0.8720. A close above the 0.8720 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8745. Any more gains might send the pair toward the 0.8765 level.
Immediate support sits near 0.8675. The next major support is near 0.8650. A downside break below the 0.8650 support might call for more downsides. In the stated case, the pair could drop toward the 0.8600 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 is trading in a bearish zone below the 0.8720 pivot level.
· There is a major bearish trend line forming with resistance near 0.8695 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a major decline from well above 0.8745. The Euro traded below the 0.8720 and 0.8700 support levels against the British Pound.
The EUR/GBP chart suggests that the pair even declined below the 0.8695 level and tested 0.8675. It is now consolidating losses and trading below the 50-hour simple moving average. The pair is now facing resistance near a major bearish trend line at 0.8695.
It is close to the 23.6% Fib retracement level of the downward move from the 0.8765 swing high to the 0.8672 low. The next major resistance could be 0.8720.
The 50% Fib retracement level of the downward move from the 0.8765 swing high to the 0.8672 low is also at 0.8720. A close above the 0.8720 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8745. Any more gains might send the pair toward the 0.8765 level.
Immediate support sits near 0.8675. The next major support is near 0.8650. A downside break below the 0.8650 support might call for more downsides. In the stated case, the pair could drop toward the 0.8600 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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