EUR/GBP Price Analysis: 4H shows a falling wedge pattern

Omkar Godbole FXStreet Contributor

EUR/GBP's decline from December highs above 0.92 to the recent low of 0.8796 has taken the shape of a falling wedge pattern comprising trendlines connecting lower highs and lower lows. The trendlines, however, are converging in nature and represents a steady weakening of bearish momentum.

As such, a potential breakout would imply a bearish-to-bullish trend change. At press time, the upper end of the falling wedge is seen at 0.8832. A close higher would confirm a breakout and expose resistance at 0.8884 (lower high created on Jan. 28).

The pair is currently trading mostly unchanged on the day near 0.8810.

4-hour chart

Trend: Bullish above wedge resistance

Technical levels

EUR/GBP

Overview
Today last price	0.8810
Today Daily Change	-0.0001
Today Daily Change %	-0.01
Today daily open	0.8812

Trends
Daily SMA20	0.8902
Daily SMA50	0.8979
Daily SMA100	0.9013
Daily SMA200	0.8998

Levels
Previous Daily High	0.8837
Previous Daily Low	0.8796
Previous Weekly High	0.8905
Previous Weekly Low	0.8812
Previous Monthly High	0.9085
Previous Monthly Low	0.8812
Daily Fibonacci 38.2%	0.8811
Daily Fibonacci 61.8%	0.8821
Daily Pivot Point S1	0.8793
Daily Pivot Point S2	0.8774
Daily Pivot Point S3	0.8751
Daily Pivot Point R1	0.8834
Daily Pivot Point R2	0.8856
Daily Pivot Point R3	0.8876

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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