EUR/GBP technical analysis: Bears keep lurking around latest highs, rising channel in play

Multiple failures to cross nearby high favor chances of pullback.
Short-term ascending trend-channel can question heavy downpour.

Anil Panchal FXStreet

Despite following three-week-old ascending trend-channel, the EUR/GBP pair is still to cross latest highs as it seesaws near 0.8898 ahead of the European open on Monday.

Unless providing a sustained break of 0.8903, chances of the pair’s pullback to 21-hour moving average (HMA) level of 0.8873 can’t be denied. Though, support-line of the channel formation around 0.8843 may limit the quote’s further declines.

In a case of the pair’s extended south-run below 0.8843, 0.8780 and May 21 low near 0.8725 might come back on the chart.

On the flipside, 0.8935 mark comprising channel’s upper-line could be buyers’ favorite after clearing 0.8903.

Also, during the pair’s successful rise past-8935, 0.8950/55 may offer an intermediate halt to the run towards 0.9000 round-figure.

EUR/GBP hourly chart

Trend: Pullback expected

1. R3 0.8972
2. R2 0.8938
3. R1 0.8918
PP 0.8884
1. S1 0.8864
2. S2 0.883
3. S3 0.881

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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