EUR/GBP Price Analysis: On the back foot around 0.8550 inside weekly triangle

EUR/GBP teases intraday low inside a symmetrical triangle.
Sluggish RSI probes further weakness below the two-week-old falling trend line.

Anil Panchal FXStreet

EUR/GBP takes offers around 0.8555, down 0.05% intraday ahead of Wednesday’s European session.

The cross-currency pair consolidates the previous day’s gains inside a one-week-old symmetrical triangle formation.

Although the quote’s sustained trading below a downward sloping trend line from June 10, around 0.8585, favors EUR/GBP sellers, steady RSI rejects the pair’s downside below the stated triangle’s support line, close to 0.8548.

Also acting as the downside filter is the monthly low near 0.8540, as well as the 0.8500 threshold, which holds the gate for further weakness towards the yearly bottom around 0.8470.

Alternatively, triangle resistance and a bit older descending trend line, respectively around 0.8568 and 0.8585, could keep EUR/GBP recovery in check.

If at all the buyers surpass the 0.8585 hurdle, a two-week-long horizontal area surrounding 0.8625-30 will be the key to follow.

EUR/GBP hourly chart

Trend: Bullish

additional important levels

Overview
Today last price	0.8556
Today Daily Change	-0.0004
Today Daily Change %	-0.05%
Today daily open	0.856

Trends
Daily SMA20	0.8596
Daily SMA50	0.8628
Daily SMA100	0.8633
Daily SMA200	0.8825

Levels
Previous Daily High	0.8583
Previous Daily Low	0.8548
Previous Weekly High	0.8628
Previous Weekly Low	0.8542
Previous Monthly High	0.8711
Previous Monthly Low	0.8561
Daily Fibonacci 38.2%	0.8569
Daily Fibonacci 61.8%	0.8561
Daily Pivot Point S1	0.8544
Daily Pivot Point S2	0.8528
Daily Pivot Point S3	0.8509
Daily Pivot Point R1	0.8579
Daily Pivot Point R2	0.8598
Daily Pivot Point R3	0.8614

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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