EUR/GBP Price Analysis: Short-term rising wedge keeps bears hopeful above 0.9000


  • EUR/GBP stays mildly bid near the monthly top.
  • A bearish chart pattern questions further upside amid downbeat MACD.
  • The mid-March high could lure the bulls beyond 0.9080.

EUR/GBP prints 0.08% gains while trading around 0.9040 during the pre-European session on Wednesday. Even so, the pair portrays a bearish chart pattern on the four-hour set-up. The move gets further support from the latest pullback from 0.9080 as well as bearish MACD signals.

As a result, the sellers are targeting 0.9000 as immediate support ahead of meeting the formation support near 0.8960. Though, a sustained break below 0.8960 will confirm the bearish play and direct the quote towards a theoretical target around 0.8770.

In doing so, the monthly low near 0.8860 and May 07 high close to 0.8790 could offer intermediate halts during the fall.

On the upside, a clear break above 0.9080 will disappoint bears. However, fresh buying might wait for a sustained rise past-0.9100 round-figure to challenge the March 16 high surrounding 0.9150.

EUR/GBP four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 0.9038
Today Daily Change 6 pips
Today Daily Change % 0.07%
Today daily open 0.9032
 
Trends
Daily SMA20 0.8965
Daily SMA50 0.8868
Daily SMA100 0.8798
Daily SMA200 0.8697
 
Levels
Previous Daily High 0.9079
Previous Daily Low 0.9019
Previous Weekly High 0.9073
Previous Weekly Low 0.8912
Previous Monthly High 0.9054
Previous Monthly Low 0.8691
Daily Fibonacci 38.2% 0.9056
Daily Fibonacci 61.8% 0.9042
Daily Pivot Point S1 0.9007
Daily Pivot Point S2 0.8983
Daily Pivot Point S3 0.8948
Daily Pivot Point R1 0.9067
Daily Pivot Point R2 0.9103
Daily Pivot Point R3 0.9127

 

 

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