- Analytics
- News and Tools
- Market News
- EUR/GBP Price Analysis: Remains pressured towards 0.8400
EUR/GBP Price Analysis: Remains pressured towards 0.8400
- EUR/GBP fades bounce off one-week low, retreats from intraday high of late.
- Downbeat RSI conditions, failures to cross weekly resistance line favor sellers.
- 200-SMA guards short-term upside, bears eye November’s low.
EUR/GBP pares intraday gains above 0.8400, declining to 0.8430 heading into Tuesday’s European session.
The cross-currency pair takes a U-turn from a one-week-old descending trend line, around 0.8440 by the press time, amid a sluggish RSI line.
It should be noted, however, be noted that a downward sloping support line from December 07, near 0.8410, will challenge the short-term EUR/GBP downside. Also likely to test the pair bears around 0.8410 is the RSI line’s nearness to the oversold territory.
Should the EUR/GBP bears keep reins past 0.8410, the 0.8400 threshold and November’s low near 0.8380 will be in focus.
Alternatively, recovery moves past 0.8440, comprising the nearby resistance line, will propel the quote towards the 61.8% Fibonacci retracement level of late November to early December upside, near 0.8465.
Even so, the 200-SMA level of 0.8481 will be a tough nut to crack for the EUR/GBP bulls before directing them to the 0.8500 round figure.
EUR/GBP: Four-hour chart
Trend: Further weakness 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
