{"id":149685,"date":"2023-09-05T01:11:57","date_gmt":"2023-09-04T19:41:57","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=149685"},"modified":"2023-09-05T01:11:57","modified_gmt":"2023-09-04T19:41:57","slug":"dives-to-7-day-lows-below-0-8550-as-bears-stepped-in-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/dives-to-7-day-lows-below-0-8550-as-bears-stepped-in-crypto-news\/","title":{"rendered":"Dives to 7-day lows below 0.8550, as bears stepped in &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"fxs_article_content\">\n<p>\n                        <span class=\"fxs_socialmedia_bar_share_label\">Share:<\/span><\/p>\n<ul>\n<li><strong>EUR\/GBP pair drops to a new seven-day low of 0.8546, influenced by market expectations of a BoE rate hike and ECB&#8217;s unchanged stance.<\/strong><\/li>\n<li><strong>Technical analysis shows the pair struggling to break the 50-day SMA at 0.8582, maintaining a downtrend with a year-to-date low of 0.8492 in sight.<\/strong><\/li>\n<li><strong>Despite the downtrend, a falling wedge pattern suggests an upside potential, with key resistance levels at 0.8572 and 0.8600 to watch.<\/strong><\/li>\n<\/ul>\n<p>The Euro (EUR) loses ground against the Pound <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/currencies\/gbpusd\">Sterling<\/a> (GBP) amid a risk-on impulse, as well as expectations for interest rates staying unchanged by the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/macroeconomics\/central-banks\/ecb\">European Central Bank<\/a> (ECB). At the same time, the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/macroeconomics\/central-banks\/boe\">Bank of England<\/a> (BoE) is seen by market analysts as the only one to raise rates by 25 bps in September. That, alongside technical resistance, dragged the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/currencies\/eurgbp\">EUR\/GBP<\/a> to a new seven-day low, as the pair trades at 0.8546 after hitting a high of 0.8559.<\/p>\n<h2 class=\"fxs_headline_medium\">EUR\/GBP Price Analysis: Technical outlook<\/h2>\n<p>The daily chart portrays the pair tested the 50-day Simple Moving Average (SMA) at 0.8582, but buyers failed to pierce it on the upside, so the cross extended its losses toward current exchange <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/rates-charts\/rates\">rates<\/a>. Due to the pair registering a successive series of lower highs and lows, the downtrend is intact, and if the pair breaches the year-to-date (YTD) low of 0.8492, August 24, 2022, would be tested at 0.8408.<\/p>\n<p>On an intraday bias, the EUR\/GBP is trending down but is forming a falling wedge, a bullish chart pattern, that could pave the way for further upside. If the cross breaks to the upside, the first resistance would be the 200-hour SMA (HSMA) at 0.8572, followed by the psychological 0.8600 figure and last week\u2019s high of 0.8610.<\/p>\n<p>If the pair manages to remain within the chart pattern, further downside is seen at the bottom of the falling wedge at around 0.8530\/20, which, if broken, the EUR\/GBP could plunge towards the YTD low of 0.8492.<\/p>\n<h3 class=\"fxs_headline_medium\">EUR\/GBP Price Action \u2013 Hourly chart<\/h3>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/image-638294502096031728.png\"><\/a><\/p>\n<p>\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Share: EUR\/GBP pair drops to a new seven-day low of 0.8546, influenced by market expectations of a BoE rate hike and ECB&#8217;s unchanged stance. Technical analysis shows the pair struggling to break the 50-day SMA at 0.8582, maintaining a downtrend with a year-to-date low of 0.8492 in sight. Despite the downtrend, a falling wedge pattern [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6866,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,298,257,276,927,255,250,252,247,253,249,308,256,254],"class_list":["post-149685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-crosses","tag-cryptocurrency","tag-currencies","tag-eurgbp","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-technical-analysis","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=149685"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149685\/revisions"}],"predecessor-version":[{"id":149686,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149685\/revisions\/149686"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/6866"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=149685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=149685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=149685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}