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.
• 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.
Today Last Price: 0.8978
Today Daily change: -32 pips
Today Daily change %: -0.355%
Today Daily Open: 0.901
Previous Daily SMA20: 0.8984
Previous Daily SMA50: 0.8891
Previous Daily SMA100: 0.8899
Previous Daily SMA200: 0.885
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