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EUR/GBP Technical Analysis: Breaks 100-hour SMA support, weakens farther below 0.90 mark

   •  The cross extended last week's retracement slide from the 0.9060 supply zone and has now drifted to the lower end of a near three-week-old trading range. 

   •  The price action constituted to form a rectangle on the daily chart, usually seen as a continuation pattern but also mark trend significant tops or bottoms.

EUR/GBP daily chart

   •  A sustained break below the key 0.90 psychological mark or 100-hour SMA was seen as a key trigger for bearish traders and the latest leg of a sudden drop. 

   •  Technical indicators on the 1-hourly chart are already pointing to slightly overbought conditions and thus, warrant some caution before placing fresh bearish bets. 

1-hourly chart

   •  Meanwhile, oscillators on the 4-hourly chart have been gaining bearish traction and also losing positive momentum on the 4-hourly chart, indicating further downside.

   •  The bearish technical set-up now seems to suggest that any attempted rebound is more likely to be utilized as a selling opportunity near the 0.900 handle.

EUR/GBP

Overview:
    Today Last Price: 0.8978
    Today Daily change: -32 pips
    Today Daily change %: -0.355%
    Today Daily Open: 0.901
Trends:
    Previous Daily SMA20: 0.8984
    Previous Daily SMA50: 0.8891
    Previous Daily SMA100: 0.8899
    Previous Daily SMA200: 0.885
Levels:
    Previous Daily High: 0.9062
    Previous Daily Low: 0.9004
    Previous Weekly High: 0.9065
    Previous Weekly Low: 0.8902
    Previous Monthly High: 0.8932
    Previous Monthly Low: 0.8656
    Previous Daily Fibonacci 38.2%: 0.9026
    Previous Daily Fibonacci 61.8%: 0.904
    Previous Daily Pivot Point S1: 0.8989
    Previous Daily Pivot Point S2: 0.8967
    Previous Daily Pivot Point S3: 0.8931
    Previous Daily Pivot Point R1: 0.9047
    Previous Daily Pivot Point R2: 0.9083
    Previous Daily Pivot Point R3: 0.9105

 

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