EUR/GBP Price Analysis: Teases falling wedge support, nears 0.8500

EUR/GBP falls for the fourth straight day towards 0.8500.
The cross inches closer towards falling wedge support.
RSI remains bearish and calls for more downside.

Dhwani Mehta FXStreet

EUR/GBP is extending its four-day losing streak into Wednesday, undermined by the latest uptick in the GBP/USD pair, thanks to stronger-than-expected UK inflation data.

Amid a persistent downbeat tone, the pair is looking to challenge falling wedge support at 0.8513.

Note that the price has been wavering in a falling wedge formation after peaking out around 0.8720 levels at the end of April.

A daily closing below the wedge support would validate a downside breakout, calling for more downside towards the horizontal (dashed) trendline support at 0.8497.

The 14-day Relative Strength Index (RSI) points south below the midline, allowing room for more declines.

EUR/GBP daily chart

paused its three-day losing streak, attempting a minor bounce while defending the critical short-term 21- daily moving average (DMA) support at 0.8604.

On the flip side, buyers need acceptance above 0.8550 to embark upon any meaningful recovery towards the bearish 21-daily moving average (DMA) support-turned-resistance at 0.8565.

Further north, the 0.8600 round number could be challenged by the bullish traders.

EUR/GBP additional levels to watch

EUR/GBP

Overview
Today last price	0.8517
Today Daily Change	-0.0008
Today Daily Change %	-0.09
Today daily open	0.8526

Trends
Daily SMA20	0.8568
Daily SMA50	0.8596
Daily SMA100	0.8608
Daily SMA200	0.8783

Levels
Previous Daily High	0.8558
Previous Daily Low	0.8524
Previous Weekly High	0.8618
Previous Weekly Low	0.8536
Previous Monthly High	0.8646
Previous Monthly Low	0.8531
Daily Fibonacci 38.2%	0.8537
Daily Fibonacci 61.8%	0.8545
Daily Pivot Point S1	0.8514
Daily Pivot Point S2	0.8502
Daily Pivot Point S3	0.848
Daily Pivot Point R1	0.8547
Daily Pivot Point R2	0.857
Daily Pivot Point R3	0.8581

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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