EUR/GBP Price Analysis: Finds support from two major Moving Averages

Source Fxstreet
  • EUR/GBP has declined to support from a cluster of Moving Averages. 
  • The pair has reached a pivotal level within a range that has been unfolding since January.
  • In the absence of any bullish signs it could continue falling to the range floor as the sideways trend extends. 

EUR/GBP has continued falling within a multi-month range that began in January 2024. 

The pair has declined to support from two major moving averages – the 50 and 100-day Simple Moving Averages (SMA) – situated at 0.8566-67. 

EUR/GBP Daily Chart 

The Moving Average Convergence Divergence (MACD) indicator has crossed below its red signal line, providing further bearish evidence suggesting EUR/GBP could continue descending within its range/channel.  

Given the bearish tone of the charts, EUR/GBP could now break below the support from the SMAs and continue falling to the range low at circa 0.8540. 

There is also a possibility, however, that EUR/GBP could recover from support at the SMAs. If so, it could start rising to the ceiling of the range at 0.8600. At the moment, however, there is no indication from price action that such a bullish short-term reversal is underway. 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Forex Today: Yet to be confirmed US-Iran MOU caps US Dollar's upsideHere is what you need to know on Friday, May 29:
Author  FXStreet
9 hours ago
Here is what you need to know on Friday, May 29:
placeholder
How Trumponomics Influenced Oil Price Volatility in the Iran War Understand how the Strait of Hormuz shock moved markets, and what CFD traders watched next.
Author  Rachel Weiss
15 hours ago
Understand how the Strait of Hormuz shock moved markets, and what CFD traders watched next.
placeholder
Finding The Best Japan Stocks to Buy? These are Top Japanese Companies to Watch Discover the best Japanese stocks to buy, including AI semiconductor leaders, Buffett-backed trading houses, and undervalued Japan stocks benefiting from corporate reforms and yen trends.
Author  Mitrade
16 hours ago
Discover the best Japanese stocks to buy, including AI semiconductor leaders, Buffett-backed trading houses, and undervalued Japan stocks benefiting from corporate reforms and yen trends.
placeholder
WTI falls to near $87.00 on potential US-Iran ceasefire extensionWest Texas Intermediate (WTI) oil price extends its losses for the third successive day, trading around $87.20 per barrel during the Asian hours on Friday.
Author  FXStreet
18 hours ago
West Texas Intermediate (WTI) oil price extends its losses for the third successive day, trading around $87.20 per barrel during the Asian hours on Friday.
placeholder
Trump’s ‘Copper Tariffs’ June Countdown. US Copper Imports Surge, Will Copper Prices Hit New Highs?On May 27, Bloomberg reported that copper trading activity has intensified as market expectations of potential copper tariffs under a Trump administration heat up, prompting traders to sh
Author  TradingKey
Yesterday 08: 08
On May 27, Bloomberg reported that copper trading activity has intensified as market expectations of potential copper tariffs under a Trump administration heat up, prompting traders to sh
Related Instrument
goTop
quote