EUR/GBP Price Analysis: Bears keep reins inside 12-day-old falling channel

EUR/GBP licks its wounds near 20-month low, stays inside bearish chart pattern.
Downbeat momentum, sustained trading below 200-SMA favor sellers.
Monthly horizontal hurdle adds to the upside barriers.

EUR/GBP stays defensive around 0.8430 amid Wednesday’s Asian session. In doing so, the cross-currency pair remains near the lowest levels since February 2020, test the last week, while staying inside a two-week-old descending trend channel.

Given the downbeat Momentum line and the pair’s inability to rebound from the multi-month low, EUR/GBP bears remain hopeful of visiting the 0.8400 threshold.

However, the support line of the stated channel, near the 0.8400 round figure, will restrict the quote’s further weakness.

Should EUR/GBP bears keep reins past 0.8400, the year 2020’s low near 0.8280 will be in focus.

Meanwhile, corrective pullback needs to defy the bearish chart pattern by crossing the channel’s resistance line, close to 0.8455 by the press time.

Following that, a horizontal area from September 16 and 200-SMA, respectively near 0.8500 and 0.8535, will challenge the EUR/GBP buyers.

EUR/GBP: Four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.8434
Today Daily Change	-0.0022
Today Daily Change %	-0.26%
Today daily open	0.8456

Trends
Daily SMA20	0.853
Daily SMA50	0.8542
Daily SMA100	0.8554
Daily SMA200	0.8617

Levels
Previous Daily High	0.8464
Previous Daily Low	0.8425
Previous Weekly High	0.8519
Previous Weekly Low	0.8424
Previous Monthly High	0.8658
Previous Monthly Low	0.8501
Daily Fibonacci 38.2%	0.8449
Daily Fibonacci 61.8%	0.844
Daily Pivot Point S1	0.8433
Daily Pivot Point S2	0.8409
Daily Pivot Point S3	0.8394
Daily Pivot Point R1	0.8471
Daily Pivot Point R2	0.8487
Daily Pivot Point R3	0.851

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