EUR/GBP technical analysis: 200-HMA can limit immediate rise inside ascending triangle
|- Nearby key resistances to question EUR/GBP recovery from mid-month bottom.
- A downside break of pattern support could exert fresh selling pressure.
Despite repeated failures to slip beneath 2-day long rising support-line, EUR/GBP upside is likely to be tamed by short-term key resistances as it takes the rounds to 0.8980 ahead of the European open on Tuesday.
The first one being 200-hour moving average (HMA) level of 0.8995, close to the rising triangle’s upper-line at 0.9000 round-figure.
Should prices rally beyond 0.9000, 38.2% Fibonacci retracement level of 0.9015 and July 17 high around 0.9050 can please the bulls.
Though, a downside break of 0.8980 comprising pattern support might not hesitate to drag the quote to 0.8955 whereas 0.8900 round-figure could be on the bears’ radar then after.
EUR/GBP hourly chart
Trend: Pullback expected
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