Market Analysis: EUR/GBP StrugglesMarket Analysis: EUR/GBP Struggles
EUR/GBP declined steadily below the 0.8330 and 0.8325 support levels.
Important Takeaways for EUR/GBP Analysis Today
- EUR/GBP is trading in a bearish zone below the 0.8350 pivot level.
- There is a connecting bearish trend line forming with resistance near 0.8330 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 well above 0.8400. The Euro traded below the 0.8350 and 0.8330 support levels against the British Pound.
The EUR/GBP chart suggests that the pair even declined below the 0.8310 level and tested 0.8300. It is now consolidating losses and trading below the 50-hour simple moving average. The pair is now facing resistance near the 61.8% Fib retracement level of the downward move from the 0.8350 swing high to the 0.8298 low.
The next major resistance could be 0.8300, a connecting bearish trend line, and the 50-hour simple moving average. It coincides with the 76.4% Fib retracement level of the downward move from the 0.8350 swing high to the 0.8298 low.
The main resistance is near the 0.8350 zone. A close above the 0.8350 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8400. Any more gains might send the pair toward the 0.8420 level.
Immediate support sits near 0.8310. The next major support is near 0.8300. A downside break below the 0.8265 support might call for more downsides. In the stated case, the pair could drop toward the 0.8220 support level.
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