EUR/GBP Technical Analysis: Likely to oscillate in a range after yesterday’s strong run-up
• The pair's overnight strong upsurge failed to make it through a confluence resistance - comprising of 100-day SMA and 50% Fibonacci retracement level of the 0.9099-0.8656 recent downfall.
• The cross started correcting from 2-1/2 week tops, albeit the downside remained limited and found some support near another confluence region - 200-day SMA and 38.2% Fibonacci retracement level.
• Technical indicators on the daily chart are yet to catch-up with the strong bullish momentum and have been correcting from near-term oversold conditions on the hourly charts.
• A combination of diverging indicators suggests that the cross seems more likely to oscillate between the two important moving averages and consolidate overnight strong upsurge.
EUR/GBP daily chart
-636779648530909598.png)
EUR/GBP
Overview:
Last Price: 0.8843
Daily change: -26 pips
Daily change: -0.293%
Daily Open: 0.8869
Trends:
Daily SMA20: 0.8798
Daily SMA50: 0.8835
Daily SMA100: 0.8881
Daily SMA200: 0.8835
Levels:
Daily High: 0.8892
Daily Low: 0.8696
Weekly High: 0.8774
Weekly Low: 0.869
Monthly High: 0.8942
Monthly Low: 0.8722
Daily Fibonacci 38.2%: 0.8817
Daily Fibonacci 61.8%: 0.8771
Daily Pivot Point S1: 0.8746
Daily Pivot Point S2: 0.8623
Daily Pivot Point S3: 0.8551
Daily Pivot Point R1: 0.8942
Daily Pivot Point R2: 0.9014
Daily Pivot Point R3: 0.9137