- 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
|Today last price||0.9038|
|Today Daily Change||6 pips|
|Today Daily Change %||0.07%|
|Today daily open||0.9032|
|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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