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WikiFX Express

Fed‘s Barkin Sees ’Long Way to Go in U.S. Labor-Market Progress

EUR/GBP Price Analysis

WikiFX

| 2021-06-30 09:12

Abstract：EUR/GBP remains pressured around 0.8595, down 0.05% intraday, amid Wednesday’s Asian session.

EUR/GBP remains pressured around 0.8595, down 0.05% intraday, amid Wednesdays Asian session. The cross-currency pair marked another U-turn from the one-month-old resistance line the previous day, also dropping back below the 200-SMA.

Given the downbeat MACD histogram, the quote may extend the latest pullback towards a support trend line from June 24, near 0.8588, breaking which the EUR/GBP bears will brace for the monthly low near 0.8530.

During the fall, the early June lows surrounding 0.8570-65 may offer intermediate halts.

Alternatively, 200-SMA near the 0.8600 threshold and the stated resistance line from late May, around 0.8610, guard the pairs short-term recoveries.

Should EUR/GBP bulls manage to cross the 0.8610 hurdle, the monthly peak near 0.8645 will be in the spotlight.

To sum up, the pair remains depressed below the monthly resistance line but immediate support may test the sellers.

Stay tuned on WikiFX for more market trend!

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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