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03.11.2021 10:22

EUR/GBP Price Analysis: Eases from 50-day EMA to snap two-day uptrend

  • EUR/GBP remains pressured around intraday low on the first negative day in three.
  • Bullish MACD signals, sustained break of 20-day EMA keep buyers hopeful.

EUR/GBP bulls take a breather following a two-day uptrend, down 0.08% intraday around 0.8500 during early Thursday.

In doing so, the cross-currency pair marks a reversal from the 50-day EMA, as well as 38.2% Fibonacci retracement (Fibo.) of July-October fall.

It should be noted, however, that the successful break of 20-day EMA and bullish MACD signals keep EUR/GBP buyers hopeful to tackle the 0.8505 immediate hurdle to aim for 50% and 61.8% Fibo. levels, respectively around 0.8535 and 0.8565.

Should the pair buyers remain dominant past 0.8565, a two-week-old horizontal hurdle around 0.8615 will be the key to watch.

Alternatively, pullback moves remain less important until staying beyond the 20-day EMA level of 0.8478.

Following that, August month’s low and multiple bottoms marked during October, near 0.8450 and 0.8420 in that order, should challenge the EUR/GBP bears.

EUR/GBP: Daily chart

Trend: Further upside expected

 


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