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23 Jan 2020

EUR/GBP Price Analysis: Bounces off 1-month low, still seems vulnerable

  • EUR/GBP finds some support and rebounds from the 0.8430-25 region.
  • The cross refreshes session tops post- Lagarde's opening statement.
  • The attempted recovery seemed to lack any strong bullish conviction.

The EUR/GBP cross managed to find some support near the 0.8430-25 region, or three-week lows, and staged a modest recovery. The cross refreshed session tops after the ECB President Christine Lagarde's opening statement at the post-meeting press conference, albeit lacked any strong follow-through.

Meanwhile, the mentioned support marks t50% Fibonacci level of 0.8276-0.8602 recent recovery move, which if broken might accelerate the slide towards the 0.8400 level (61.8% Fibo.). Some follow-through selling would turn the cross vulnerable to slide back towards retesting multi-year lows set in December.

Meanwhile, the cross remains well below its important daily moving averages – 50, 100 and 200-day SMA. This coupled with the fact that technical indicators on the daily chart have again started drifting into the negative territory now support prospects for the resumption of the prior/well-established bearish trend.

Some follow-through selling below the 0.8400 round-figure e mark will reaffirm the bearish outlook and set the stage for a slide towards 0.8335 intermediate support en-route the 0.8300 level and mid-December swing lows, around the 0.8276 region.

EUR/GBP daily chart

fxsoriginal

 

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