EUR/GBP Price Analysis: Mildly offered above 0.8600 inside short-term falling triangle

EUR/GBP struggles around the bullish chart pattern’s support line.
200-HMA adds to the upside barriers, RSI recovery keeps buyers hopeful.

Anil Panchal FXStreet

EUR/GBP sellers attack 0.8600, currently down 0.08% intraday around 0.8610, ahead of Friday’s European session. In doing so, the quote flirts with the support line of the one-week-old descending triangle formation.

Given the RSI recovery, EUR/GBP is likely to stay above the stated support line, at 0.8600 now. However, the pair’s upside moves depend upon the ability to confirm the bullish chart formation, as well as cross the 200-HMA.

For that, the EUR/GBP bulls not only need to cross the 0.8630 resistance line but also the 0.8640 HMA figures to eye the 0.8700 threshold.

Meanwhile, a downside break of the pattern’s support line near 0.8600 will be questioned by a horizontal line around 0.8597, a break of which direct EUR/GBP bears toward the multi-month low of 0.8539, marked the previous month.

Overall, EUR/GBP remains in the bearish trend but intermediate pullback can’t be ruled out.

EUR/GBP hourly chart

Trend: Recovery expected

Additional important levels

Overview
Today last price	0.8614
Today Daily Change	-4 pips
Today Daily Change %	-0.05%
Today daily open	0.8618

Trends
Daily SMA20	0.869
Daily SMA50	0.883
Daily SMA100	0.8923
Daily SMA200	0.8981

Levels
Previous Daily High	0.8654
Previous Daily Low	0.8596
Previous Weekly High	0.8731
Previous Weekly Low	0.8539
Previous Monthly High	0.886
Previous Monthly Low	0.8539
Daily Fibonacci 38.2%	0.8618
Daily Fibonacci 61.8%	0.8632
Daily Pivot Point S1	0.8592
Daily Pivot Point S2	0.8565
Daily Pivot Point S3	0.8534
Daily Pivot Point R1	0.8649
Daily Pivot Point R2	0.868
Daily Pivot Point R3	0.8707

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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