EUR/GBP Weekly Chart Outlook
EUR/GBP broke a crucial support at 0.8720 and might continue to move lower.
Important Takeaways for EUR/GBP Analysis
· EUR/GBP started a major decline from the 0.9000 resistance zone.
· It traded below a major bullish trend line with support near 0.8720 on the weekly chart at FXOpen.
EUR/GBP Technical Analysis
On the weekly chart of EUR/GBP at FXOpen, the pair started a major decline from the 0.9000 zone. The Euro declined below the 0.8880 pivot level to move into a bearish zone against the British Pound.
More importantly, it traded below a major bullish trend line with support near 0.8720. The pair is now trading below the 50-week simple moving average and the 50% Fib retracement level of the upward move from the 0.8202 swing low to the 0.9236 high.
It seems like the pair might continue to move lower toward the 0.8440 support considering the RSI dipped below 50. It coincides with the 76.4% Fib retracement level of the upward move from the 0.8202 swing low to the 0.9236 high.
The next major support is near 0.8200, below which EUR/GBP might decline toward the 0.8000 support zone. Any more losses could open the doors for a drop toward the 0.8000 level.
Immediate resistance on the EUR/GBP chart is near the 50-week simple moving average at 0.8720. The next major resistance on the upside is near the 0.8880 level.
A successful close above 0.8880 could start a solid upward move toward the 0.9200 resistance. Any more gains might send the pair toward the 0.9500 level.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Important Takeaways for EUR/GBP Analysis
· EUR/GBP started a major decline from the 0.9000 resistance zone.
· It traded below a major bullish trend line with support near 0.8720 on the weekly chart at FXOpen.
EUR/GBP Technical Analysis
On the weekly chart of EUR/GBP at FXOpen, the pair started a major decline from the 0.9000 zone. The Euro declined below the 0.8880 pivot level to move into a bearish zone against the British Pound.
More importantly, it traded below a major bullish trend line with support near 0.8720. The pair is now trading below the 50-week simple moving average and the 50% Fib retracement level of the upward move from the 0.8202 swing low to the 0.9236 high.
It seems like the pair might continue to move lower toward the 0.8440 support considering the RSI dipped below 50. It coincides with the 76.4% Fib retracement level of the upward move from the 0.8202 swing low to the 0.9236 high.
The next major support is near 0.8200, below which EUR/GBP might decline toward the 0.8000 support zone. Any more losses could open the doors for a drop toward the 0.8000 level.
Immediate resistance on the EUR/GBP chart is near the 50-week simple moving average at 0.8720. The next major resistance on the upside is near the 0.8880 level.
A successful close above 0.8880 could start a solid upward move toward the 0.9200 resistance. Any more gains might send the pair toward the 0.9500 level.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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