EUR/GBP Technical Analysis: Struggles to make it through a key hurdle
• The cross continued with its struggle to make it through a downward sloping trend-line resistance, extending from Oct. monthly tops through highs set on Nov. 19-21.
• The mentioned barrier nears 61.8% Fibonacci retracement level of the 0.9099-0.8656 - late-Aug. to mid-Nov. downfall and might continue capping additional gains.
• Meanwhile, technical indicators on short/medium-term charts have managed to hold in bullish territory and support prospects for an eventual bullish breakout.
• However, it would be prudent to wait for a convincing breakthrough the mentioned barrier before traders start positioning for any further near-term up-move.
EUR/GBP 4-hourly chart
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EUR/GBP
Overview:
Today Last Price: 0.8911
Today Daily change: 0.0 pips
Today Daily change %: 0.00%
Today Daily Open: 0.8911
Trends:
Previous Daily SMA20: 0.8811
Previous Daily SMA50: 0.8832
Previous Daily SMA100: 0.8885
Previous Daily SMA200: 0.8836
Levels:
Previous Daily High: 0.8922
Previous Daily Low: 0.884
Previous Weekly High: 0.8934
Previous Weekly Low: 0.8839
Previous Monthly High: 0.8942
Previous Monthly Low: 0.8722
Previous Daily Fibonacci 38.2%: 0.8891
Previous Daily Fibonacci 61.8%: 0.8871
Previous Daily Pivot Point S1: 0.886
Previous Daily Pivot Point S2: 0.8809
Previous Daily Pivot Point S3: 0.8778
Previous Daily Pivot Point R1: 0.8942
Previous Daily Pivot Point R2: 0.8973
Previous Daily Pivot Point R3: 0.9024