EUR/GBP Price Analysis: Advances for three days, recovers 0.8820

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  • EUR/GBP finds acceptance above the 20/50 day EMA and 0.8800.
  • The Jan 13 daily high at 0.8897 will be the next upside target if EUR/GBP achieves a daily close above 0.8800.

The EUR/GBP It hit a fresh five-day high at 0.8846 as positive Eurozone data outweighed weak UK PMIs, which reignited recessionary fears among Brits. Therefore, the EUR/GBP is trading at 0.8823, up 0.50% from its opening price.

EUR/GBP Price Analysis: Technical Perspective

After bottoming out around 0.8721 last Thursday, EUR/GBP managed three consecutive days ending with gains. Furthermore, EUR/GBP broke above the 50 and 20 day EMAs at 0.8755 and 0.8792 respectively, opening the door for further gains.

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Looking ahead, EUR/GBP could hold the reins above 0.8800. Once achieved, EUR/GBP could challenge the January 13 daily high at 0.8897, before 0.8900. If the latter is broken, the pair would rally to the September 28 high at 0.9066.

As an alternative scenario, the first support for the EUR/GBP would be 0.8800. Once broken, the 20-day EMA at 0.8792 would be tested and could allow a continuation down towards the 50-day EMA at 0.8755, before a month-old uptrend line of support at 0.8740.

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Key EUR/GBP Technical Levels

EUR/GBP

Overview
Last price today 0.8821
Today I change daily 0.0037
today’s daily variation 0.42
today’s daily opening 0.8784
Trends
daily SMA20 0.882
daily SMA50 0.8729
daily SMA100 0.873
daily SMA200 0.8613
levels
previous daily high 0.8815
previous daily low 0.8754
Previous Weekly High 0.8887
previous weekly low 0.8722
Previous Monthly High 0.8877
Previous monthly minimum 0.8547
Fibonacci daily 38.2 0.8792
Fibonacci 61.8% daily 0.8778
Daily Pivot Point S1 0.8753
Daily Pivot Point S2 0.8723
Daily Pivot Point S3 0.8692
Daily Pivot Point R1 0.8814
Daily Pivot Point R2 0.8845
Daily Pivot Point R3 0.8875

Source: Fx Street

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