EUR/GBP Technical Analysis: Tests 23.6% Fibo. level support on softer German CPI
• The cross once again struggled to make it through the 0.9050-60 supply zone and fell to 23.6% Fibo. level of this week's up-move on softer German CPI.
• Technical indicators on the 1-hourly chart have already drifted into negative territory but have managed to hold with bullish bias on 4-hourly/daily charts.
• Meanwhile, the fact that the cross is holding comfortably above important intraday moving averages - 50, 100 & 200-hour SMA, support prospects for dip-buying.
• Hence, any subsequent slide might now be seen as an opportunity to initiate fresh bullish positions and is likely to be limited by the key 0.90 psychological mark.
EUR/GBP 1-hourly chart
Today Last Price: 0.9027
Today Daily change: -13 pips
Today Daily change %: -0.144%
Today Daily Open: 0.904
Previous Daily SMA20: 0.8978
Previous Daily SMA50: 0.8887
Previous Daily SMA100: 0.8899
Previous Daily SMA200: 0.8848
Previous Daily High: 0.9065
Previous Daily Low: 0.8967
Previous Weekly High: 0.9057
Previous Weekly Low: 0.8962
Previous Monthly High: 0.8932
Previous Monthly Low: 0.8656
Previous Daily Fibonacci 38.2%: 0.9028
Previous Daily Fibonacci 61.8%: 0.9005
Previous Daily Pivot Point S1: 0.8984
Previous Daily Pivot Point S2: 0.8927
Previous Daily Pivot Point S3: 0.8886
Previous Daily Pivot Point R1: 0.9081
Previous Daily Pivot Point R2: 0.9122
Previous Daily Pivot Point R3: 0.9179