EUR/GBP Price Analysis: Teases monthly ascending triangle breakdown near 0.8700

EUR/GBP reverses early Asian losses, picks up bids of late.
100-SMA adds to the immediate downside filters, early February low becomes the tough nut to crack for buyers.

Anil Panchal FXStreet

EUR/GBP recovers from intraday low to 0.8693 ahead of Friday’s European session. In doing so, the quote bounces off the monthly ascending triangle’s support line amid bearish MACD.

Even if the quote’s repeated failures to cross the 0.8700 keeps sellers hopeful, the stated triangle’s support line near 0.8685 and the 100-SMA level near 0.8670 will check the EUR/GBP sellers during fresh downside.

In a case where the pair remains depressed below 0.8670, 200-SMA near 0.8615 will be in the spotlight.

Alternatively, a clear upside beyond the 0.8700 enables the EUR/GBP buyers to attack the triangle’s upper line close to 0.8720.

Also acting as an important resistance is the February 05 low close to 0.8740.

To sum up, EUR/GBP looks to defy the bearish chart pattern by crossing the triangle’s upper line.

EUR/GBP four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	0.8693
Today Daily Change	0.0000
Today Daily Change %	0.00%
Today daily open	0.8693

Trends
Daily SMA20	0.8653
Daily SMA50	0.8618
Daily SMA100	0.8767
Daily SMA200	0.8902

Levels
Previous Daily High	0.8702
Previous Daily Low	0.8674
Previous Weekly High	0.8718
Previous Weekly Low	0.8589
Previous Monthly High	0.8674
Previous Monthly Low	0.8503
Daily Fibonacci 38.2%	0.8685
Daily Fibonacci 61.8%	0.8691
Daily Pivot Point S1	0.8677
Daily Pivot Point S2	0.8662
Daily Pivot Point S3	0.865
Daily Pivot Point R1	0.8705
Daily Pivot Point R2	0.8717
Daily Pivot Point R3	0.8732

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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