EUR/GBP Price Analysis: Flirts with 0.8700 inside weekly falling channel

EUR/GBP retreats inside a bearish chart pattern, trims early Asian gains.
Seven-day-old support line, 200-HMA add to the downside filters.
Bulls will look for fresh entries beyond 0.8720.

Anil Panchal FXStreet

EUR/GBP drops back to 0.8695, up 0.07% intraday, ahead of Wednesday’s European session.

The cross-currency pair gradually steps back since the early week, portraying a short-term falling trend channel. However, the one-week-old rising support line and 200-HMA keep buyers hopeful amid a positive Momentum line.

It should be noted that the pair’s latest pullback from the stated channel’s upper line directs the quote towards a short-term support line, around 0.8680, a break of which will extend the weakness to highlight the channel’s lower line figures of 0.8670.

If at all the EUR/GBP bears keep reins past-0.8670, 200-HMA near 0.8655 offers an extra challenge.

Meanwhile, the channel’s resistance line near 0.8705 guards the quote’s immediate upside ahead of the ‘double-top’ formation near 0.8720.

EUR/GBP hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.8696
Today Daily Change	6 pips
Today Daily Change %	0.07%
Today daily open	0.869

Trends
Daily SMA20	0.8634
Daily SMA50	0.8617
Daily SMA100	0.8774
Daily SMA200	0.8906

Levels
Previous Daily High	0.8701
Previous Daily Low	0.8674
Previous Weekly High	0.8718
Previous Weekly Low	0.8589
Previous Monthly High	0.8674
Previous Monthly Low	0.8503
Daily Fibonacci 38.2%	0.8685
Daily Fibonacci 61.8%	0.8691
Daily Pivot Point S1	0.8676
Daily Pivot Point S2	0.8661
Daily Pivot Point S3	0.8648
Daily Pivot Point R1	0.8703
Daily Pivot Point R2	0.8716
Daily Pivot Point R3	0.873

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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