EUR/GBP Price Analysis: Clings near multi-day low at 0.8580

• EUR/GBP defensive near 0.8580 in the early European session.
• Bulls face rejection near 0.8700 on the daily chart.
• Negative momentum oscillators favor downside momentum.

The EUR/GBP cross remains subdued ahead of the European session. The pair remained in a very tight price band of 0.8580 and 0.8620 two days in a row.

At the time of writing, EUR/GBP is trading at 0.8587, down 0.01% on the day

EUR/GBP daily chart

On the daily chart, the EUR/GBP cross has been consolidating near Monday’s lows of 0.8588 for the third straight session.  

The receding Moving Average Convergence Divergence (MACD) indicator hints at continuation of the downward pressure on the price. The bears would first locate 0.8550 and later the 0.8510 horizontal support zone.

The next area of support would be April 6 lows at 0.8485.

Alternatively, upon moving higher the first hurdle for the bulls could be found near the 20-hour Simple Moving Average (SMA) at 0.8615, followed by the 0.8650 horizontal resistance zone.

The price could retest Monday’s high at 0.8700 following the previous price movement.
 

EUR/GBP Additional Levels