“¢ A combination of factors – Italian budgetary worries and the recent Brexit optimism kept exerting downward pressure around the cross for the seventh consecutive session.
“¢ The cross has now dropped to an important horizontal support as market participants now look forward to the US macroeconomic releases for some fresh impetus.
“¢ Technical indicators on the daily chart have drifted into near-term oversold conditions and hence, warrant some consolidation before any further depreciating move.
“¢ A positive UK data-led fall to fresh four-month lows is more likely to be limited till the 0.8700 handle, while even a slight disappointment might trigger a short-covering bounce.
EUR/GBP daily chart
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EUR/GBP
Overview:
Last Price: 0.873
Daily change: -12 pips
Daily change: -0.137%
Daily Open: 0.8742
Trends:
Daily SMA20: 0.8881
Daily SMA50: 0.8933
Daily SMA100: 0.8877
Daily SMA200: 0.884
Levels:
Daily High: 0.8794
Daily Low: 0.8733
Weekly High: 0.892
Weekly Low: 0.8777
Monthly High: 0.8998
Monthly Low: 0.8777
Daily Fibonacci 38.2%: 0.8756
Daily Fibonacci 61.8%: 0.877
Daily Pivot Point S1: 0.8719
Daily Pivot Point S2: 0.8696
Daily Pivot Point S3: 0.8658
Daily Pivot Point R1: 0.878
Daily Pivot Point R2: 0.8817
Daily Pivot Point R3: 0.884
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