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EUR/GBP Price Analysis: Buyers keep lurking around five-week-old support line

EUR/GBP Price Analysis: Buyers keep lurking around five-week-old support line

  • EUR/GBP struggles for a clear direction near 10-week low.
  • Overbought RSI conditions trigger intermediate bounces off near-term key trend line.
  • Bulls are less likely to be convinced below 0.9070.

EUR/GBP eases to 0.8950, down 0.05%, while heading into the European session on Friday. The pair refreshed two-month low the previous day before bouncing off a descending trend line from July 21.

While considering oversold conditions of RSI, coupled with repeated pullbacks from the said support line, the quote may print recovery moves towards the 0.9000 threshold if manage to cross 0.8965 immediate resistance.

 

However, the pair’s upside past-0.9000 will be challenged by the 200-bar SMA and the monthly top, respectively around 0.9040 and 0.9070.

If bears keep the reins despite oversold RSI, the 0.8927 mark comprising the multi-day-old support line may challenge them ahead of diverting to 0.8900 levels.

Additionally, the pair’s declines past-0.8900 will target June month’s low near 0.8860.

EUR/GBP four-hour chart

Trend: Pullback expected

ADDITIONAL IMPORTANT LEVELS

OVERVIEW
Today last price 0.8951
Today Daily Change -4 pips
Today Daily Change % -0.04%
Today daily open 0.8955
 
TRENDS
Daily SMA20 0.9014
Daily SMA50 0.9036
Daily SMA100 0.8943
Daily SMA200 0.8773
 
LEVELS
Previous Daily High 0.8965
Previous Daily Low 0.893
Previous Weekly High 0.907
Previous Weekly Low 0.8944
Previous Monthly High 0.9148
Previous Monthly Low 0.8938
Daily Fibonacci 38.2% 0.8951
Daily Fibonacci 61.8% 0.8943
Daily Pivot Point S1 0.8935
Daily Pivot Point S2 0.8915
Daily Pivot Point S3 0.89
Daily Pivot Point R1 0.897
Daily Pivot Point R2 0.8985
Daily Pivot Point R3 0.9005

 

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