- Analytics
- News and Tools
- Market News
- EUR/GBP Price Analysis: Extends bounce off 50-DMA above 0.8500
EUR/GBP Price Analysis: Extends bounce off 50-DMA above 0.8500
- EUR/GBP pokes intraday high, snaps two-day downtrend.
- Steady RSI line favor recovery moves towards 10-week-old resistance line.
- Key Fibonacci retracement levels, 200-DMA act as additional resistances.
EUR/GBP prints the biggest daily gains of the week, up 0.14% intraday around 0.8525 heading into Wednesday’s London open.
The cross-currency pair dropped to a one-week low the previous day before bouncing off 50-DMA and 38.2% Fibonacci retracement (Fibo.) of September-November declines.
Although the firmer RSI line favors the latest recovery, a clear break of the 50% Fibo. level near 0.8520 becomes necessary for the bulls to keep reins.
Following that, a descending trend line from late October and 61.8% Fibonacci retracement level, respectively around 0.8545 and 0.8555, will challenge the EUR/GBP buyers.
It should be noted, however, that the pair’s run-up beyond 0.8555 will need validation from the 200-DMA level of 0.8560.
Alternatively, a daily closing below the 50-DMA level around 0.8480 will highlight multiple supports around 0.8460 and 0.8420 for EUR/GBP sellers.
However, the pair’s weakness past-0.8420 will be challenged by November’s low of 0.8380, which is also the lowest level since early 2020.
EUR/GBP: Daily chart
Trend: Further recovery expected
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
