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EUR/GBP consolidates losses with bullish attempts limited below 0.8600

  • EUR/GBP looks for direction below 0.8590.
  • Weak Eurozone data continues to fuel hopes of ECB cuts, weighing on the Euro.
  • The pair is approaching a strong support zone above 0.8500

EUR/GBP trades sideways for the fifth day in a row on Friday, with the price action trapped within a range at the high 0.8500s.

The market is showing doubts, as demonstrated by the Doji candles marked on the daily charts, after a massive sell-off of more than 2% at the end of November, although without clear signs of a trend change in sight.

On Thursday, Eurozone GDP confirmed that the economy contracted in the third quarter, which, coupled with lower inflation, has fueled speculation that the ECB will be forced to cut rates in early 2024. This has kept investors away from the Euro.

EUR/GBP approaches 0.8500 support

The hourly chart shows the downtrend losing strength, with 0.8540 as support before a strong support zone between 0.8500 and 0.8520.

Looking up, the bulls should overcome the 0.8590 resistance zone, which marks the way towards the previous support-turned-resistance levels at 0.8615 and 0.8640.

Technical levels to monitor


Latest price today 0.8568
Today’s daily change -0.0007
Today’s daily variation -0.08
Today’s daily opening 0.8575
daily SMA20 0.867
daily SMA50 0.8677
SMA100 daily 0.8638
SMA200 daily 0.8671
Previous daily high 0.8584
Previous daily low 0.8555
Previous weekly high 0.8688
Previous weekly low 0.856
Previous Monthly High 0.8766
Previous monthly low 0.8614
Daily Fibonacci 38.2 0.8573
Fibonacci 61.8% daily 0.8566
Daily Pivot Point S1 0.8558
Daily Pivot Point S2 0.8542
Daily Pivot Point S3 0.8528
Daily Pivot Point R1 0.8588
Daily Pivot Point R2 0.8601
Daily Pivot Point R3 0.8618

Source: Fx Street

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