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- EUR/GBP Price Analysis: Fades bounce off 50-DMA
EUR/GBP Price Analysis: Fades bounce off 50-DMA
- EUR/GBP consolidates the biggest daily gains in two weeks.
- 100-DMA can offer intermediate halt during the pullback targeting 0.8485 retest.
- 200-DMA, monthly top restricts short-term advances, Momentum line favors profit-booking moves.
EUR/GBP sellers attack intraday low of 0.8535 while paring the previous day’s heavy gains heading into Tuesday’s European session. In doing so, the cross-currency pair fades the bounce off 50-DMA as the Momentum line hints pullback moves.
That said, the late weakness aims for 50% Fibonacci retracement (Fibo.) of September-November declines, near 0.8520, while the 100-DMA level of 0.8514 can challenge the EUR/GBP pairs afterward.
In a case where the quote drops past 0.8514, a convergence of the 50-DMA and 38.2% Fibo. level near 0.8485 will be a tough nut to crack for the pair sellers.
Meanwhile, the 61.8% Fibonacci retracement level of 0.8552 may restrict short-term EUR/GBP recovery ahead of the 200-DMA level of 0.8557.
Following that, the 0.8600 threshold, comprising the monthly peak, will be crucial for the pair buyers.
To sum up, EUR/GBP remains between 50-DMA and 200-DMA, with the latest moves signaling downside.
EUR/GBP: Daily chart
Trend: Pullback expected
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