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EUR/GBP Price Analysis: Advances for the fifth day, secures 0.8700 as solid support

  • The EUR/GBP pair maintains its bullish momentum and is trading at 0.8731, while consolidating the 0.8700 level as crucial support.
  • The pair is showing a bullish bias, but failure to break above the 0.8755 high could invite bearish activity.
  • Key levels to watch include resistance at 0.8800 and 0.8834, with support at the 200-DMA of 0.8688 and the 50-DMA of 0.8657.

He EUR/GBP rose during the Friday session, extending its recovery to five consecutive days, gaining 0.89% so far on the week, consolidating the psychological level of 0.8700 as solid support for the next week. At the time of writing, the pair is trading at 0.8731, up 0.13%.

The EUR/GBP pair is bullish, but downside risks remain. Unless buyers reclaim today’s high at 0.8755, bears are on the prowl. In case of a bullish resumption, the first resistance of the crossover would be the 0.8800 level, followed by the May 3 high at 0.8834, followed by the April 25 high at 0.8875.

Conversely, if EUR/GBP falls below 0.8700, the first support would be the 200-day moving average (DMA), previously broken at 0.8688, followed by the 50-DMA at 0.8657, before dipping to the latest low of the cycle at 0.8649.

EUR/GBP Price Analysis – Daily Chart

EUR/GBP technical levels

EUR/GBP

Overview
Latest price today 0.8738
Today I change daily 0.0010
Today’s daily variation 0.11
Today’s daily opening 0.8728
Trends
daily SMA20 0.8698
daily SMA50 0.8655
SMA100 daily 0.862
SMA200 daily 0.869
Levels
Previous daily high 0.873
Previous daily low 0.8693
Previous weekly high 0.8754
Previous weekly low 0.8664
Previous Monthly High 0.8754
Previous monthly low 0.8616
Daily Fibonacci 38.2 0.8716
Fibonacci 61.8% daily 0.8707
Daily Pivot Point S1 0.8704
Daily Pivot Point S2 0.868
Daily Pivot Point S3 0.8667
Daily Pivot Point R1 0.8741
Daily Pivot Point R2 0.8754
Daily Pivot Point R3 0.8778

Source: Fx Street

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