EUR/GBP Price Analysis: Bulls need to wait for move beyond 0.8700 before placing fresh bets

EUR/GBP gains some positive traction on Thursday and snaps a two-day losing streak.
The technical setup favours bullish traders and supports prospects for additional gains.
A convincing break below the 0.8600 mark is needed to negate the constructive outlook.

Haresh Menghani FXStreet

The EUR/GBP cross attracts some dip-buying near the 0.8650-0.8645 region on Thursday and builds on its steady intraday ascent through the first half of the European session. Spot prices touch a fresh daily peak, around the 0.8675-0.8680 zone in the last hour and for now, seem to have snapped a two-day losing streak.

From a technical perspective, oscillators on the daily chart – though have been losing traction – manage to hold in the positive territory and support prospects for a further appreciating move. That said, the recent failure to build on the momentum beyond the 0.8700 mark, which now coincides with the very important 200-day Simple Moving Average (SMA), warrants some caution before placing aggressive bullish bets around the EUR/GBP cross.

Hence, any subsequent move up might continue to confront stiff resistance near the 0.8700-0.8705 region, or a four-month high touched on September 28. A convincing breakthrough will be seen as a fresh trigger for bullish traders and lift the EUR/GBP cross towards the next relevant hurdle near the 0.8735-0.8740 area. The momentum could get extended further towards the 0.8775-0.8780 resistance before spot prices reclaim the 0.8800 round figure.

On the flip side, the 0.8645-0.8640 zone, or the weekly trough touched on Wednesday, might continue to protect the immediate downside. Some follow-through selling should pave the way for a slide towards the 100-day SMA, currently pegged near the 0.8600 mark. The said handle should act as a strong base for the EUR/GBP cross, which if broken decisively will negate any positive outlook and shift the near-term bias in favour of bearish traders.

EUR/GBP daily chart

Technical levels to wach

EUR/GBP

Overview
Today last price	0.8667
Today Daily Change	0.0011
Today Daily Change %	0.13
Today daily open	0.8656

Trends
Daily SMA20	0.8637
Daily SMA50	0.8603
Daily SMA100	0.8601
Daily SMA200	0.8707

Levels
Previous Daily High	0.8682
Previous Daily Low	0.864
Previous Weekly High	0.8706
Previous Weekly Low	0.863
Previous Monthly High	0.8706
Previous Monthly Low	0.8524
Daily Fibonacci 38.2%	0.8656
Daily Fibonacci 61.8%	0.8666
Daily Pivot Point S1	0.8637
Daily Pivot Point S2	0.8617
Daily Pivot Point S3	0.8594
Daily Pivot Point R1	0.8679
Daily Pivot Point R2	0.8702
Daily Pivot Point R3	0.8721

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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