EUR/GBP technical analysis: 200-HMA can limit immediate rise inside ascending triangle

Nearby key resistances to question EUR/GBP recovery from mid-month bottom.
A downside break of pattern support could exert fresh selling pressure.

Anil Panchal FXStreet

Despite repeated failures to slip beneath 2-day long rising support-line, EUR/GBP upside is likely to be tamed by short-term key resistances as it takes the rounds to 0.8980 ahead of the European open on Tuesday.

The first one being 200-hour moving average (HMA) level of 0.8995, close to the rising triangle’s upper-line at 0.9000 round-figure.

Should prices rally beyond 0.9000, 38.2% Fibonacci retracement level of 0.9015 and July 17 high around 0.9050 can please the bulls.

Though, a downside break of 0.8980 comprising pattern support might not hesitate to drag the quote to 0.8955 whereas 0.8900 round-figure could be on the bears’ radar then after.

EUR/GBP hourly chart

Trend: Pullback expected

1. R3 0.9048
2. R2 0.9025
3. R1 0.9006
PP 0.8983
1. S1 0.8963
2. S2 0.8940
3. S3 0.8921

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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