EUR/GBP Struggles Near Resistance, Caution BuildsEUR/GBP Struggles Near Resistance, Caution Builds
EUR/GBP is declining and trading below the 0.8725 support zone.
Important Takeaways for EUR/GBP Analysis Today
- EUR/GBP is declining and showing bearish signs below 0.8725.
- There is a connecting bearish trend line forming with resistance at 0.8705 on the hourly chart.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP, the pair struggled to gain pace for a move above 0.8750. The Euro settled below 0.8725 and started a fresh decline against the British Pound.
There was a clear move below the 0.8720 pivot level. The EUR/GBP chart suggests that the pair settled below the 50-hour simple moving average and 0.8720. A low is formed near 0.8696, and the pair is now consolidating losses.
Immediate resistance is near the 23.6% Fib retracement level of the downward move from the 0.8745 swing high to the 0.8696 low at 0.8705. There is also a connecting bearish trend line forming at 0.8705.
The next key breakout zone might be 0.8725 and the 61.8% Fib retracement. A close above 0.8725 might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8750. Any more gains might send the pair to 0.8780.
Immediate support sits near 0.8695. The next key area for the bulls sits at 0.8680. A downside break below 0.8680 might call for more losses. In the stated case, the pair could drop to 0.8650.
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