EUR/GBP Technical Analysis: Bears eyeing downside break of key rising trendline

Having established lower highs (bearish pattern), the EUR/GBP pair is now flirting with a downside break of the key ascending trendline.
Acceptance below the rising trendline would confirm a short-term bullish-to-bearish trend change and would allow a deeper drop to 0.8817 (200-day moving average).

Omkar Godbole FXStreet Contributor

Hourly chart

Spot Rate: 0.8888

Daily High: 0.8893

Daily Low: 0.8883

Trend: Bearish below rising trendline

Resistance

R1: 0.8899 (10-day moving average)

R2: 0.8936 (July 31 high)

R3: 0.8958 (July 20 high)

Support

S1: 0.8884 (rising trendline support)

S2: 0.8865 (July 26 low)

S3: 0.8824 (50-day moving average)

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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