Market Analysis: EUR/GBP Falls
EUR/GBP declined and is now consolidating losses below 0.8660.
Important Takeaways for EUR/GBP Analysis Today
– EUR/GBP is trading in a bearish zone below the 0.8650 pivot level.
– There is a major declining channel forming with resistance near 0.8655 on the hourly chart.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP, the pair started a steady decline from well above 0.8680. It even declined below 0.8650 and the 50-hour simple moving average. A low was formed at 0.8629 and the pair is now consolidating losses. There was a move above 0.8640 and the 23.6% Fib retracement level of the downward move from the 0.8684 swing high to the 0.8629 low.
The pair is now facing resistance near a declining channel at 0.8655 and the 50% Fib retracement. The next major barrier for the bulls could be 0.8662.
A close above 0.8662 might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8685. Any more gains might send the pair toward the 0.8740 pivot.
Immediate support sits near 0.8640. The first key zone is at 0.8620. A downside break below 0.8620 might call for more downsides. In the stated case, the pair could drop toward 0.8580.
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