Home EUR/GBP Price Analysis: Bears challenge 0.8600 mark
FXStreet News

EUR/GBP Price Analysis: Bears challenge 0.8600 mark

  • EUR/GBP remains muted in the Asian session.
  • Bulls remain pressurized near the 0.8620 mark.
  • Neutral MACD warns against aggressive bids.

The EUR/GBP cross-currency pair edges lower on Wednesday in the Asian session. The pair makes a consolidated move with negative bias.

At the time of writing, EUR/GBP trades at 0.8607, down 0.05% for the day.

EUR/GBP 4-hour chart

On the 4-hour chart, the EUR/GBP cross has been forming the lower low formations from the highs of 0.8671. The descending trendline from the mentioned level acts as a barrier to the price.

A break below the 0.8606 mark could bring more selling opportunities for EUR/GBP bears. The immediate support emerges at the 0.8595 horizontal support level.

The Moving Average Convergence Divergence (MACD) indicator trades above the midline, with a bearish crossover. Any downtick in the MACD would amplify the selling pressure towards the 0.8580 horizontal support level.  

The next area of support could be located near the June 11 low in the vicinity of the 0.8565 area.

Alternatively, if price sustains above the session’s high at 0.8611, then it could attempt to test the bearish sloping line at the 0.8620 mark.

Next, EUR/GBP bulls would flex their muscle at the 0.8635 and the 0.8650 horizontal support levels.

EUR/GBP additional levels

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.