EUR/GBP Price Analysis: Rejected at falling channel resistance

EUR/GBP jumped 0.7% last week but failed to exit a bearish channel.
A breakout would imply an end of the bearish trend from Sept. 11 highs near 0.93.

Omkar Godbole FXStreet Contributor

EUR/GBP is currently trading unchanged on the day near 0.8973.

The pair jumped 0.70% in the five days to Nov. 27, carving out of a bullish outside week candle. However, the pair failed to take out the resistance of the falling channel represented by trendlines connecting Sept. 11 and Oct. 20 highs and Sept. 28 and Nov. 11 lows.

As such, the bias remains neutral. A close above the channel's upper end is needed to confirm a bullish reversal and expose the lower high of 0.9069 created on Nov. 9.

Daily chart

Trend: Neutral

Technical levels

EUR/GBP

Overview
Today last price	0.8973
Today Daily Change	-0.0021
Today Daily Change %	-0.23
Today daily open	0.8994

Trends
Daily SMA20	0.8958
Daily SMA50	0.9035
Daily SMA100	0.904
Daily SMA200	0.896

Levels
Previous Daily High	0.8995
Previous Daily Low	0.8915
Previous Weekly High	0.8995
Previous Weekly Low	0.8867
Previous Monthly High	0.9162
Previous Monthly Low	0.8984
Daily Fibonacci 38.2%	0.8964
Daily Fibonacci 61.8%	0.8946
Daily Pivot Point S1	0.8942
Daily Pivot Point S2	0.8889
Daily Pivot Point S3	0.8862
Daily Pivot Point R1	0.9021
Daily Pivot Point R2	0.9048
Daily Pivot Point R3	0.9101

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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