EUR/GBP Price Analysis: Bears eye 61.8% Fibonacci retracement ahead of ECB

EUR/GBP seesaws in a vary between 0.8860 and 0.8870, currently round 0.8865, beforehand of Thursday’s European session. The quote refreshed a multi-day low on Wednesday after breaking the key guide hooked up in April 2020.

Given the EUR/GBP draw back under the noted support, coupled with bearish MACD and sustained buying and selling under non permanent SMA, marketers are concentrated on 61.8% Fibonacci retracement of early-2020 upside, close to 0.8745.

While the early May 2020 pinnacle round 0.8815 and the 0.8800 threshold can add to the draw back filters, EUR/GBP will end up susceptible to go to the April 2020 lows close to 0.8670 in the course of any similarly draw back past-0.8745.

Alternatively, 50% Fibonacci retracement stage and 10-day SMA, respectively round 0.8890 and 0.8915, will probe the quote’s leap off key help area.

Also probable to undertaking the EUR/GBP consumers is a downward sloping fashion line from December 21, at 0.8965 now.

Overall, the EUR/GBP stays in a bearish temper and today’s ECB can exert extra stress onto the pair if matching extensive market forecasts.

Read: ECB Preview: Lagarde may additionally set off a “buy the dip” chance via making an attempt to speak down the euro


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