EUR/GBP drops further and hits 1-week lows under 0.8950

News
  • Euro slides across the board, hits 3-day lows against the pound. 
  • EUR/GBP losses more than a hundred pips from day’s highs. 

The EUR/GBP rose earlier today to the key 0.9060 resistance area but then reversed sharply, falling more than a hundred pips. It recently printed a fresh 3-day low at 0.8947. It remains under intense pressure testing a critical support area. 

The move lower took place amid a stronger pound on European hours on the back of the latest Brexit rumors and more recently by a slide of the euro across the board. EUR/USD fell below 1.1500 and tumbled to 1.1457 in a few minutes while EUR/CHF erased most of yesterday’s gains and dropped more 50 pips from the high, pulling back under 1.1300. 

EUR/GBP Levels to watch 

To the downside, the immediate support is seen at 0.8940/50. It is a crucial support level and the lower bound of the trading range that has been in place since early December. A consolidation below would signal further losses and a test of 0.8900. 

If the euro manages to hold on top of 0.8940/50, it could continue to trade in the consolidation range, turning slowly to the upside. Resistance levels from current price are seen at 0.8960, followed by 0.8985 and then 0.9005. The critical level continues to be 0.9060, tested earlier today. A daily close significantly on top, would clear the way to more gains in the medium term. 

EUR/GBP

Overview:
    Today Last Price: 0.8951
    Today Daily change: -70 pips
    Today Daily change %: -0.776%
    Today Daily Open: 0.9021
Trends:
    Previous Daily SMA20: 0.9001
    Previous Daily SMA50: 0.8915
    Previous Daily SMA100: 0.8903
    Previous Daily SMA200: 0.8861
Levels:
    Previous Daily High: 0.9061
    Previous Daily Low: 0.9012
    Previous Weekly High: 0.9119
    Previous Weekly Low: 0.8927
    Previous Monthly High: 0.9089
    Previous Monthly Low: 0.8863
    Previous Daily Fibonacci 38.2%: 0.9031
    Previous Daily Fibonacci 61.8%: 0.9042
    Previous Daily Pivot Point S1: 0.9002
    Previous Daily Pivot Point S2: 0.8982
    Previous Daily Pivot Point S3: 0.8953
    Previous Daily Pivot Point R1: 0.9051
    Previous Daily Pivot Point R2: 0.908
    Previous Daily Pivot Point R3: 0.91

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