EUR/GBP Price Analysis: Bears pause, two days losses meet strong support at 0.8600

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  • EUR/GBP regains some ground and stands at 0.8605 despite previous losses.
  • Daily chart outlook still suggest a bearish outlook..
  • In the longer term, the pair remains under major SMAs, painting a bearish picture while the four-hour-chart bears seem to ease off.

On Tuesday's session, the EUR/GBP was observed at 0.8605, experiencing slight gains of 0.15%. Following two days of declines and encountering robust support at the 0.8600 level, bears took a break. Despite this, the daily chart still presents a neutral to bearish outlook, and this bearish tilt remains apparent in the four-hour chart as well.

The indicators on the daily chart reflect a prevailing selling momentum. The Relative Strength Index (RSI) displays a positive incline yet remains within the negative territory, implying that while the selling pressure is somewhat easing, there is no pronounced shift in favor of buyers just yet. Concurrently, the Moving Average Convergence Divergence (MACD) with its rising red bars further highlights the current bear dominance. Moreover, the pair's position beneath the key levels of 20, 100, and 200-day Simple Moving Averages (SMAs) reinforces the widespread bearish control.

Zooming into the four-hour chart, the bearish sentiment is echoed. The tilt remains downhill as the negative slope of the four-hour RSI proclaims that sellers dominate the short-term momentum as well. However, the rising green bars in the four-hour MACD indicates a growing bullish undercurrent and a possible bearish exhaustion. It may imply that bears are taking a breather, and a temporary reversal might be on the cards if buyers manage to build an effective momentum. However, the overall outlook remains dominated by the sellers in the short run.

EUR/GBP technical levels

EUR/GBP

Overview
Today last price 0.8601
Today Daily Change 0.0010
Today Daily Change % 0.12
Today daily open 0.8591
 
Trends
Daily SMA20 0.8642
Daily SMA50 0.866
Daily SMA100 0.8647
Daily SMA200 0.8651
 
Levels
Previous Daily High 0.8621
Previous Daily Low 0.8589
Previous Weekly High 0.8683
Previous Weekly Low 0.86
Previous Monthly High 0.8715
Previous Monthly Low 0.8549
Daily Fibonacci 38.2% 0.8602
Daily Fibonacci 61.8% 0.8609
Daily Pivot Point S1 0.858
Daily Pivot Point S2 0.8569
Daily Pivot Point S3 0.8548
Daily Pivot Point R1 0.8611
Daily Pivot Point R2 0.8632
Daily Pivot Point R3 0.8643

 

EUR/GBP daily chart

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