EUR/GBP Price Analysis: Eyes trendline support after bearish marubozu

EUR/GBP carved out a bearish candlestick pattern on Tuesday.
The pair may drop to key ascending trendline support located below 0.90.

Omkar Godbole FXStreet Contributor

EUR/GBP looks south, having carved out a bearish marubozu candle on Tuesday.

A bearish marubozu candlestick comprises a big body and little or no shadows and occurs when sellers control the price action from the opening bell to the closing bell. As a result, it is considered a sign of strong bearish sentiment and often yields deeper losses, especially if it appears after a notable rally, which seems to be the case in EUR/GBP.

The pair, therefore, risks falling to support at the trendline rising from Feb. 18 and May 11 lows. At press time, the pair is trading in the green at 0.9073 and the ascending trendline support is located at 0.8973.

The outlook would turn bullish if the pair finds acceptance above Tuesday’s high of 0.9145 in the next 24 hours.

Daily chart

Trend: Bearish

Technical levels

EUR/GBP

Overview
Today last price	0.9073
Today Daily Change	0.0014
Today Daily Change %	0.15
Today daily open	0.9059

Trends
Daily SMA20	0.8996
Daily SMA50	0.8902
Daily SMA100	0.8828
Daily SMA200	0.8703

Levels
Previous Daily High	0.9145
Previous Daily Low	0.9058
Previous Weekly High	0.91
Previous Weekly Low	0.9001
Previous Monthly High	0.9176
Previous Monthly Low	0.8864
Daily Fibonacci 38.2%	0.9091
Daily Fibonacci 61.8%	0.9112
Daily Pivot Point S1	0.903
Daily Pivot Point S2	0.9001
Daily Pivot Point S3	0.8943
Daily Pivot Point R1	0.9117
Daily Pivot Point R2	0.9174
Daily Pivot Point R3	0.9203

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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