EUR/GBP technical analysis: Euro finding some support near 0.8880 - Can it last?
- EUR/GBP dropped to daily lows near 0.8880 support.
- Can the bulls lift the market to 0.8910 resistance?
EUR/GBP daily chart
EUR/GBP is in a bull leg above its main simple moving averages (SMAs). The market attempted to break above Wednesday high but is currently under pressure below 0.8900 figure.
EUR/GBP 4-hour chart
The trend is slowing down as the market is trading below the 50 SMA and is challenging the 100 SMA.
EUR/GBP 30-minute chart
EUR/GBP is trading below its 100 and 200 SMAs suggesting potential bearish momentum. EUR/GBP found strong support near 0.8870/80 which is a cluster of technical levels according to the Technical Confluences Indicator. If the bears break this support the next level in line is seen at 0.8843 ( daily an weekly pivot point cluster). On the flip side, if the market finds some footing above 0.8880 EUR/GBP could rebound to 0.8910 resistance (technical levels cluster). Further up, lies 0.8935 resistance (previous week high and Wednesday high).
This article is published only for general use basic informatory purposes and should not be considered or depended on as a financial or investment advice. Investors should make sure that they understand the risks and seek independent financial advice at all times. CFDS ARE COMPLEX INSTRUMENTS AND COME WITH A HIGH RISK OF LOSING MONEY RAPIDLY DUE TO LEVERAGE.