EUR/GBP Takes Hit
EUR/GBP declined heavily below the 0.8600 and 0.8565 support levels.
Important Takeaways for EUR/GBP Analysis Today
· EUR/GBP is trading in a bearish zone below the 0.8565 pivot level.
· There is a major bearish trend line forming with resistance near 0.8545 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a major decline from well above 0.8630. The Euro traded below the 0.8600 and 0.8565 support levels against the British Pound.
The EUR/GBP chart suggests that the pair even declined below the 0.8545 level and tested 0.8525. It is now consolidating losses and correcting higher above the 50-hour simple moving average and 0.8625.
The pair is now facing resistance near a major bearish trend line at 0.8545. It is close to the 23.6% Fib retracement level of the main drop from the 0.8609 swing high to the 0.8523 low. The next major resistance could be 0.8565.
The 50% Fib retracement level of the main drop from the 0.8609 swing high to the 0.8523 low is also at 0.8565. A close above the 0.8565 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8600. Any more gains might send the pair toward the 0.8630 level.
Immediate support sits near 0.8525. The next major support is near 0.8500. A downside break below the 0.8500 support might call for more downsides. In the stated case, the pair could drop toward the 0.8440 support level.
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.
Important Takeaways for EUR/GBP Analysis Today
· EUR/GBP is trading in a bearish zone below the 0.8565 pivot level.
· There is a major bearish trend line forming with resistance near 0.8545 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a major decline from well above 0.8630. The Euro traded below the 0.8600 and 0.8565 support levels against the British Pound.
The EUR/GBP chart suggests that the pair even declined below the 0.8545 level and tested 0.8525. It is now consolidating losses and correcting higher above the 50-hour simple moving average and 0.8625.
The pair is now facing resistance near a major bearish trend line at 0.8545. It is close to the 23.6% Fib retracement level of the main drop from the 0.8609 swing high to the 0.8523 low. The next major resistance could be 0.8565.
The 50% Fib retracement level of the main drop from the 0.8609 swing high to the 0.8523 low is also at 0.8565. A close above the 0.8565 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8600. Any more gains might send the pair toward the 0.8630 level.
Immediate support sits near 0.8525. The next major support is near 0.8500. A downside break below the 0.8500 support might call for more downsides. In the stated case, the pair could drop toward the 0.8440 support level.
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.
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