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EUR/GBP Price Analysis: Bounces off 200-day SMA to snap three-day downtrend

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  • EUR/GBP consolidates recent gains despite printing mild gains on the D1.
  • Corrective recovery can extend amid normal RSI conditions but lower high formation test bulls.

EUR/GBP wavers around 0.9000 ahead of Monday’s European session. In doing so, the quote eases from the intraday high of 0.9013 but keeps U-turn from 200-day SMA.

Considering the absence of overbought RSI conditions, coupled with the previous bounce off the key SMA, EUR/GBP is up for a fresh run-up targeting the 0.9100 threshold.

Though, lower high formation so far in the current month could challenge the buyers ahead of the 0.9200 round-figure.

It should, however, be noted that a sustained trading past-0.9200 enables the bulls to refresh the monthly top near 0.9230.

Alternatively, a downside break of 200-day, currently around 0.8983, offers the key support, for now, a break of which can direct EUR/GBP sellers toward the monthly low around 0.8930.

During the quote’s further weakness past-0.8930, the 0.8900 mark and November’s bottom near 0.8860 will be the key to watch.

EUR/GBP daily chart

EUR/GBP Price Analysis: Bounces off 200-day SMA to snap three-day downtrend

Trend: Further recovery expected

Additional important levels

Overview
Today last price 0.9006
Today Daily Change 18 pips
Today Daily Change % 0.20%
Today daily open 0.8988
Trends
Daily SMA20 0.9049
Daily SMA50 0.9014
Daily SMA100 0.9038
Daily SMA200 0.8985
Levels
Previous Daily High 0.9002
Previous Daily Low 0.8986
Previous Weekly High 0.9218
Previous Weekly Low 0.8953
Previous Monthly High 0.9069
Previous Monthly Low 0.8861
Daily Fibonacci 38.2% 0.8992
Daily Fibonacci 61.8% 0.8996
Daily Pivot Point S1 0.8982
Daily Pivot Point S2 0.8976
Daily Pivot Point S3 0.8967
Daily Pivot Point R1 0.8997
Daily Pivot Point R2 0.9007
Daily Pivot Point R3 0.9013

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