EUR/GBP Price Analysis: Slips to 11-day low, bearish channel on D1

EUR/GBP has charted a bearish channel over past two months.
The pair has hit multi-week low and risks falling toward deeper supports.

Omkar Godbole FXStreet Contributor

EUR/GBP is currently trading in the red at 0.8916, the lowest level since Nov. 12.

The pair is trapped in a bearish channel represented by trendlines connecting Sept. 11 and Oct. 20 highs and Sept. 28 and Nov. 11 lows, as seen on the daily chart.

A bullish Doji reversal pattern confirmed by Nov. 12's move to 0.8994 had raised hopes for a channel breakout. However, the pullback to 0.8915 has invalidated the bullish Doji reversal and shifted risk in favor of a drop to September's low of 0.8866.

On the higher side, the channel resistance, currently at 0.9028 is the level to beat for the bulls.

Daily chart

Trend: Bearish

Technical levels

EUR/GBP

Overview
Today last price	0.8916
Today Daily Change	-0.0005
Today Daily Change %	-0.06
Today daily open	0.8921

Trends
Daily SMA20	0.8987
Daily SMA50	0.9059
Daily SMA100	0.9043
Daily SMA200	0.8946

Levels
Previous Daily High	0.8961
Previous Daily Low	0.8918
Previous Weekly High	0.8995
Previous Weekly Low	0.8915
Previous Monthly High	0.9162
Previous Monthly Low	0.8984
Daily Fibonacci 38.2%	0.8935
Daily Fibonacci 61.8%	0.8945
Daily Pivot Point S1	0.8906
Daily Pivot Point S2	0.8891
Daily Pivot Point S3	0.8863
Daily Pivot Point R1	0.8949
Daily Pivot Point R2	0.8976
Daily Pivot Point R3	0.8991

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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