EUR/GBP technical analysis: Choppy inside symmetrical triangle
|- Symmetrical triangle limits short-term moves.
- 200-HMA adds strength to the support.
EUR/GBP is gradually reaching towards the breakout points of a week-long symmetrical triangle as it trades near 0.8895 while heading into the European open on Friday.
While the formation ends of 0.8880 and 0.8915 are likely strong levels to watch 200-hour moving average (200-HMA), at 0.8887 now, adds strength to the support side.
If prices slip under 0.8880, 61.8% Fibonacci retracement level of a fortnight-long upside, at 0.8850, followed by 0.8825 and 0.8800, can lure sellers.
In a case of the quote’s U-turn, 0.8905 can offer intermediate halt ahead of highlighting 0.8915.
Though, pair’s sustained break of 0.8915 could trigger a fresh bout of buying towards the month’s 0.8935.
EUR/GBP hourly chart
Trend: Sideways
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