EUR/GBP Technical Analysis: Path of least resistance is to the downside
EUR/GBP created an inverted bearish hammer Friday, reinforcing the bearish view put forward by the lower high carved out at 0.8840 earlier this month, descending 5- and 10-week moving averages (MAs) and the below-50 reading on the relative strength index (RSI).
As a result, January lows near 0.8620 could soon come into play.
A close above the 10-day MA would abort the bearish view and yield consolidation.
Daily chart
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Trend: Bearish
EUR/GBP
Overview:
Today Last Price: 0.8678
Today Daily change: -4 pips
Today Daily change %: -0.05%
Today Daily Open: 0.8682
Trends:
Daily SMA20: 0.8748
Daily SMA50: 0.8855
Daily SMA100: 0.885
Daily SMA200: 0.8864
Levels:
Previous Daily High: 0.873
Previous Daily Low: 0.8677
Previous Weekly High: 0.8768
Previous Weekly Low: 0.8665
Previous Monthly High: 0.9119
Previous Monthly Low: 0.8617
Daily Fibonacci 38.2%: 0.8697
Daily Fibonacci 61.8%: 0.871
Daily Pivot Point S1: 0.8663
Daily Pivot Point S2: 0.8643
Daily Pivot Point S3: 0.861
Daily Pivot Point R1: 0.8716
Daily Pivot Point R2: 0.8749
Daily Pivot Point R3: 0.8769