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.

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

Today last price 0.8696
Today Daily Change 6 pips
Today Daily Change % 0.07%
Today daily open 0.869
Daily SMA20 0.8634
Daily SMA50 0.8617
Daily SMA100 0.8774
Daily SMA200 0.8906
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



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD eases below 1.1300 amid firmer yields, Fed’s Powell eyed

EUR/USD remains pressured towards 1.1250, reversing 2021’s biggest daily gains as the US dollar rebounds with the Treasury yields. Global scientists, policymakers placate fears of Omicron even as national border checks return to the table. German inflation, central bankers’ speeches eyed.


GBP/USD remains vulnerable below 1.3350 amid USD strength, Brexit woes

GBP/USD is trading below 1.3350, lacking any firm directional bias heading into the European session. Renewed USD buying acts as a headwind for the major amid Brexit and covid-related uncertainties. Expectations for a BoE rate hike limit the downside.


Gold faces a wall of resistance en-route $1,800

Gold price rebounds but not out of the woods yet while below $1,800. Omicron covid variant woes will continue to play out, impacting USD and gold.

Gold News

MATIC price eyes 15% advance as Uniswap prepares to migrate to Polygon

MATIC price recently swept the swing lows of a crucial barrier. This development comes as the cryptocurrency market recovers from the COVID-induced crash over the past three days.

Read more

Black Friday 2021 Discounts!

Do you want to take your trading skills to the next level? Now you have a chance of leaping forward at attractive introductory rates. For Black Friday, FXStreet is offering discounts of up to 50% on its upgraded Premium plans. 

Subscribe now!