EUR/GBP Price Analysis: Short-term rising wedge keeps bears hopeful above 0.9000
|- EUR/GBP stays mildly bid near the monthly top.
- A bearish chart pattern questions further upside amid downbeat MACD.
- The mid-March high could lure the bulls beyond 0.9080.
EUR/GBP prints 0.08% gains while trading around 0.9040 during the pre-European session on Wednesday. Even so, the pair portrays a bearish chart pattern on the four-hour set-up. The move gets further support from the latest pullback from 0.9080 as well as bearish MACD signals.
As a result, the sellers are targeting 0.9000 as immediate support ahead of meeting the formation support near 0.8960. Though, a sustained break below 0.8960 will confirm the bearish play and direct the quote towards a theoretical target around 0.8770.
In doing so, the monthly low near 0.8860 and May 07 high close to 0.8790 could offer intermediate halts during the fall.
On the upside, a clear break above 0.9080 will disappoint bears. However, fresh buying might wait for a sustained rise past-0.9100 round-figure to challenge the March 16 high surrounding 0.9150.
EUR/GBP four-hour chart
Trend: Pullback expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.