EUR/GBP technical analysis: Bears keep lurking around latest highs, rising channel in play
|- Multiple failures to cross nearby high favor chances of pullback.
- Short-term ascending trend-channel can question heavy downpour.
Despite following three-week-old ascending trend-channel, the EUR/GBP pair is still to cross latest highs as it seesaws near 0.8898 ahead of the European open on Monday.
Unless providing a sustained break of 0.8903, chances of the pair’s pullback to 21-hour moving average (HMA) level of 0.8873 can’t be denied. Though, support-line of the channel formation around 0.8843 may limit the quote’s further declines.
In a case of the pair’s extended south-run below 0.8843, 0.8780 and May 21 low near 0.8725 might come back on the chart.
On the flipside, 0.8935 mark comprising channel’s upper-line could be buyers’ favorite after clearing 0.8903.
Also, during the pair’s successful rise past-8935, 0.8950/55 may offer an intermediate halt to the run towards 0.9000 round-figure.
EUR/GBP hourly chart
Trend: Pullback expected
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