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
WTI rally takes a timeout amid signs of US-Iran war de-escalationWest Texas Intermediate (WTI) Oil futures on NYMEX trade slightly lower to near $71.50 during the European trading session on Friday. The Oil price extends its correction after posting a fresh over two-week high at $75.73 on Wednesday.
Author  FXStreet
9 hours ago
West Texas Intermediate (WTI) Oil futures on NYMEX trade slightly lower to near $71.50 during the European trading session on Friday. The Oil price extends its correction after posting a fresh over two-week high at $75.73 on Wednesday.
placeholder
Gold recovers above $4,100 as traders assess US-Iran conflict Gold price (XAU/USD) rebounds to around $4,120 during the early Asian session on Friday. The precious metal edges higher as traders weigh a resumption of war in the Middle East.
Author  FXStreet
18 hours ago
Gold price (XAU/USD) rebounds to around $4,120 during the early Asian session on Friday. The precious metal edges higher as traders weigh a resumption of war in the Middle East.
placeholder
WTI consolidates below $72.00 as traders monitor geopolitical developmentsWest Texas Intermediate (WTI) – the benchmark US Crude Oil price – steadies during the Asian session on Friday, stalling the previous day's downfall amid mixed messaging from the US and Iran.
Author  FXStreet
18 hours ago
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – steadies during the Asian session on Friday, stalling the previous day's downfall amid mixed messaging from the US and Iran.
placeholder
WTI Crude Oil Price Forecast: US-Iran Conflict Reignites, Will a New Round of Oil Price Rises Begin? As of the Asian session on July 9, after WTI ( USOIL) crude oil prices rebounded sharply for two consecutive trading days, oil prices hovered and adjusted around $73.30 today. From the te
Author  TradingKey
Yesterday 08: 56
As of the Asian session on July 9, after WTI ( USOIL) crude oil prices rebounded sharply for two consecutive trading days, oil prices hovered and adjusted around $73.30 today. From the te
placeholder
British Pound strengthens to near 1.3400 as UK political risk fades The GBP/USD pair gathers strength near 1.3395 during the Asian trading hours on Thursday, bolstered by fading domestic political uncertainty.
Author  FXStreet
Yesterday 02: 03
The GBP/USD pair gathers strength near 1.3395 during the Asian trading hours on Thursday, bolstered by fading domestic political uncertainty.
Related Instrument
goTop
quote