EUR/GBP Price Analysis: On the back foot around 0.8550 inside weekly triangle
|- EUR/GBP teases intraday low inside a symmetrical triangle.
- Sluggish RSI probes further weakness below the two-week-old falling trend line.
EUR/GBP takes offers around 0.8555, down 0.05% intraday ahead of Wednesday’s European session.
The cross-currency pair consolidates the previous day’s gains inside a one-week-old symmetrical triangle formation.
Although the quote’s sustained trading below a downward sloping trend line from June 10, around 0.8585, favors EUR/GBP sellers, steady RSI rejects the pair’s downside below the stated triangle’s support line, close to 0.8548.
Also acting as the downside filter is the monthly low near 0.8540, as well as the 0.8500 threshold, which holds the gate for further weakness towards the yearly bottom around 0.8470.
Alternatively, triangle resistance and a bit older descending trend line, respectively around 0.8568 and 0.8585, could keep EUR/GBP recovery in check.
If at all the buyers surpass the 0.8585 hurdle, a two-week-long horizontal area surrounding 0.8625-30 will be the key to follow.
EUR/GBP hourly chart
Trend: Bullish
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