Market Analysis: EUR/GBP Loses Momentum
EUR/GBP is consolidating and might aim for a fresh increase above 0.8700.
Important Takeaways for EUR/GBP Analysis Today
- EUR/GBP is trading in a positive zone above the 0.8665 pivot level.
- There is a short-term declining channel forming with resistance near 0.8705 on the hourly chart.
EUR/GBP Technical Analysis

On the hourly chart of EUR/GBP, the pair started a consolidation phase after it failed to surpass 0.8730. The Euro traded below the 0.8710 and 0.8700 support levels against the British Pound.
The EUR/GBP chart suggests that the pair even declined below the 23.6% Fib retracement level of the upward move from the 0.8605 swing low to the 0.8729 high. It is now consolidating losses and trading below the 50-hour simple moving average.
The pair is now facing resistance near the 0.8705 level. There is also a short-term declining channel forming with resistance near 0.8705.
The next major resistance could be 0.8730. The main resistance is near the 0.8750 zone. A close above the 0.8750 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8780. Any more gains might send the pair toward the 0.8800 level.
Immediate support sits near 0.8680. The next major support is near 0.8665 or the 50% Fib retracement level of the upward move from the 0.8605 swing low to the 0.8729 high.
A downside break below 0.8665 might call for more downsides. In the stated case, the pair could drop toward 0.8635.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
EUR/GBP is consolidating and might aim for a fresh increase above 0.8700.
Important Takeaways for EUR/GBP Analysis Today
- EUR/GBP is trading in a positive zone above the 0.8665 pivot level.
- There is a short-term declining channel forming with resistance near 0.8705 on the hourly chart.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP, the pair started a consolidation phase after it failed to surpass 0.8730. The Euro traded below the 0.8710 and 0.8700 support levels against the British Pound.
The EUR/GBP chart suggests that the pair even declined below the 23.6% Fib retracement level of the upward move from the 0.8605 swing low to the 0.8729 high. It is now consolidating losses and trading below the 50-hour simple moving average.
The pair is now facing resistance near the 0.8705 level. There is also a short-term declining channel forming with resistance near 0.8705.
The next major resistance could be 0.8730. The main resistance is near the 0.8750 zone. A close above the 0.8750 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8780. Any more gains might send the pair toward the 0.8800 level.
Immediate support sits near 0.8680. The next major support is near 0.8665 or the 50% Fib retracement level of the upward move from the 0.8605 swing low to the 0.8729 high.
A downside break below 0.8665 might call for more downsides. In the stated case, the pair could drop toward 0.8635.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.