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EUR/GBP Technical Analysis: Death cross on the daily chart

Written by By Omkar Godbole | 2019-11-07 03:48:50 GMT
  • EUR/GBP's daily chart shows a death cross – a bearish but lagging indicator. 
  • UK's PM Johnson is leading in pre-election polls. That could bode well for GBP. 

EUR/GBP could soon pick up a bid as a lagging indicator has turned bearish for the first time since February. 

The so-called death cross seen on the daily chart, which represents a bearish crossover of the 50- and 200-day moving averages, is a big-time lagging indicator, as MA studies are based on past data. 

More often than not, the death cross traps sellers on the wrong side of the market. That said, Sterling is seen rising if the UK Prime Minister's Johnson's Conservative Party gets a majority in December elections. Currently, Johnson is leading in polls. Pound, therefore, could find bids, keeping the EUR/GBP under pressure. 

With technicals and macro giving conflicting signals, seasoned traders may prefer to wait on the sidelines until a clear directional bias emerges. The pair has been restricted largely to a narrow range of 0.8575 to 0.8675 since Oct. 17. 

Daily chart

Trend: Cautiously bullish (due to death cross)

Technical levels

EUR/GBP

Overview
Today last price 0.861
Today Daily Change 0.0000
Today Daily Change % 0.00
Today daily open 0.861
 
Trends
Daily SMA20 0.8648
Daily SMA50 0.8813
Daily SMA100 0.8935
Daily SMA200 0.8812
 
Levels
Previous Daily High 0.8618
Previous Daily Low 0.859
Previous Weekly High 0.8654
Previous Weekly Low 0.8595
Previous Monthly High 0.9022
Previous Monthly Low 0.8575
Daily Fibonacci 38.2% 0.8608
Daily Fibonacci 61.8% 0.8601
Daily Pivot Point S1 0.8594
Daily Pivot Point S2 0.8578
Daily Pivot Point S3 0.8566
Daily Pivot Point R1 0.8622
Daily Pivot Point R2 0.8634
Daily Pivot Point R3 0.865

 

 

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By Omkar Godbole

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