- EUR/GBP remains on the back foot near one-week low.
- 10-day EMA guards immediate upside amid bearish MACD.
- Sellers can eye the bullish formation’s support during further weakness.
EUR/GBP takes offers near 0.8850, down 0.06% intraday, while heading into the London open on Wednesday. In doing so, the quote drops for the third consecutive day inside a falling wedge bullish chart pattern established since December 17.
Considering the bearish MACD and the pair’s inability to cross 10-day EMA, EUR/GBP sellers are currently targeting the monthly low of 0.8830.
However, any further weakness will be challenged by the lower line of the wedge, at 0.8806 now, followed by the 0.8800 threshold.
Meanwhile, an upside break of 10-day EMA, currently around 0.8885, will direct EUR/GBP buyers to the stated bullish formation’s resistance line near 0.8925.
In a case where the EUR/GBP bulls manage to cross 0.8925, the theoretical run-up towards the December top around 0.9230 should. Though, the 0.9000 psychological magnet and the monthly peak of 0.9085 can act as intermediate halts.
Overall, EUR/GBP is likely to remain depressed but odds of a trend reversal increase to the bullish chart pattern and hesitant weakness.
EUR/GBP daily chart
Trend: Pullback expected
Additional important levels
|Today last price||0.885|
|Today Daily Change||-6 pips|
|Today Daily Change %||-0.07%|
|Today daily open||0.8856|
|Previous Daily High||0.8905|
|Previous Daily Low||0.8847|
|Previous Weekly High||0.8925|
|Previous Weekly Low||0.883|
|Previous Monthly High||0.923|
|Previous Monthly Low||0.8929|
|Daily Fibonacci 38.2%||0.8869|
|Daily Fibonacci 61.8%||0.8883|
|Daily Pivot Point S1||0.8834|
|Daily Pivot Point S2||0.8812|
|Daily Pivot Point S3||0.8776|
|Daily Pivot Point R1||0.8891|
|Daily Pivot Point R2||0.8927|
|Daily Pivot Point R3||0.8949|
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.