EUR/GBP Price Analysis: Daily chart shows bullish Doji reversal pattern

EUR/GBP confirmed a bull Doji reversal higher on Thursday.
The pair is better bid near 0.87 at press time.

Omkar Godbole FXStreet Contributor

The path of least resistance for EUR/GBP is on the higher, according to technical studies.

The pair jumped 0.87% on Thursday, marking a positive follow-through to the bear fatigue signaled by Wednesday's long-tailed Doji candle. In other words, Thursday's gain confirmed a bullish Doji reversal pattern.

The reversal higher signaled by the candlestick pattern is backed by a breakout on the widely-tracked 14-day Relative Strength Index, a momentum indicator.

The RSI has breached a 2-1/2-month descending trendline, implying an end of the bearish trend from December highs above 0.92.

The pair could challenge resistance at 0.8866 (Sept. 3 low) next week. A close under 0.8539 (Wednesday's low) would invalidate the bullish bias.

Daily chart

Trend: Bullish

Technical levels

EUR/GBP

Overview
Today last price	0.8694
Today Daily Change	0.0010
Today Daily Change %	0.12
Today daily open	0.8684

Trends
Daily SMA20	0.8732
Daily SMA50	0.8871
Daily SMA100	0.8943
Daily SMA200	0.8989

Levels
Previous Daily High	0.8697
Previous Daily Low	0.8597
Previous Weekly High	0.8751
Previous Weekly Low	0.864
Previous Monthly High	0.9085
Previous Monthly Low	0.8812
Daily Fibonacci 38.2%	0.8659
Daily Fibonacci 61.8%	0.8635
Daily Pivot Point S1	0.8621
Daily Pivot Point S2	0.8559
Daily Pivot Point S3	0.8521
Daily Pivot Point R1	0.8722
Daily Pivot Point R2	0.876
Daily Pivot Point R3	0.8822

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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