EUR/GBP Technical Analysis: Creating a bear flag on 4-hour chart
|- The EUR/GBP is likely charting a bear flag - a bearish continuation pattern - on the 4-hour chart.
- A break below the lower edge of the bear flag, currently seen at 0.8787, would signal a revival of the sell-off from the Sept. 21 high of 0.8996 and could yield a re-test of the recent low of 0.8723.
- On the higher side, only a break above the trendline connecting the Aug. 28 high and Sept. 21 high would weaken the bearish case.
4-hour chart
Spot Rate: 0.8838
Daily High: 0.8844
Daily Low: 0.8835
Trend: Bearish
R1: 0.8848 (Sept. 20 low)
R2: 0.8871 (falling trendline hurdle)
R3: 0.8902 (50-day MA)
Support
S1: 0.8833 (200-day MA)
S2: 0.8811 (5-day MA)
S3: 0.8787 (lower edge of the bear flag pattern)
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