EUR/GBP set to close flat below the 0.8650 mark

EUR/GBP traded in a narrow range and saw little movement.
Indicators turned flat on the daily chart as the pair continued to side-ways trade.
Buyers need to retake the 20-day SMA.

Patricio Martín FXStreet

The EUR/GBP cross was quiet on Thursday, trading in the 0.8643 - 0.8647 range. Indicators turned flat on the daily chart, favouring a neutral stance with a slight bearish bias.

The Relative Strength Index (RSI) shows a flat slope in the positive territory, while the Moving Average Convergence (MACD) exhibits stagnant red bars. Those indicators are showing a similar trajectory on the four-hour chart and indicates that investors seem to be waiting for a fundamental stimulus. Back to the daily chart, the pair is below the 20 and 200-day Simple Moving Averages (SMAs), but above the 100-day SMA, suggesting that the bears are have the upperhand on the broader scale. Furthermore, the buyers need to gather momentum and make a significant move to regain the 20-day SMA and in case of not doing so, further downside may be on the horizon.

Support levels: 0.8630, 0.8615, 0.8600.

Resistance levels: 0.8655 (20-day SMA), 0.8680, 0.8700.

EUR/GBP Daily Chart

EUR/GBP

Overview
Today last price	0.8647
Today Daily Change	0.0023
Today Daily Change %	0.27
Today daily open	0.8624

Trends
Daily SMA20	0.8649
Daily SMA50	0.8608
Daily SMA100	0.8599
Daily SMA200	0.8702

Levels
Previous Daily High	0.8643
Previous Daily Low	0.8616
Previous Weekly High	0.8691
Previous Weekly Low	0.864
Previous Monthly High	0.8706
Previous Monthly Low	0.8524
Daily Fibonacci 38.2%	0.8626
Daily Fibonacci 61.8%	0.8632
Daily Pivot Point S1	0.8613
Daily Pivot Point S2	0.8601
Daily Pivot Point S3	0.8586
Daily Pivot Point R1	0.8639
Daily Pivot Point R2	0.8654
Daily Pivot Point R3	0.8666

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

EUR/USD hovers around 1.1850 ahead of FOMC Minutes

EUR/USD stays on the back foot around 1.1850 in the European session on Wednesday, pressured by renewed US Dollar demand. Traders now look forward to the Minutes of the Fed's January monetary policy meeting for fresh signals on future rate cuts.

GBP/USD defends 1.3550 after UK inflation data

GBP/USD is holding above 1.3550 in Wednesday's European morning, little changed following the UK Consumer Price Index (CPI) data release. The UK inflation eased as expected in January, reaffirming bets for a March BoE interest rate cut, especially after Tuesday's weak employment report.

Gold: Is the $5,000 level back in sight?

Gold snaps a two-day downtrend, as recovery gathers traction toward $5,000 on Wednesday. The US Dollar recovers from the overnight sell-off as rebalancing trades resume ahead of Fed Minutes. The 38.2% Fib support holds on the daily chart for now. What does that mean for Gold?

Pi Network rally defies market pressure ahead of its first anniversary

Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.