EUR/GBP technical analysis: Choppy inside symmetrical triangle

Symmetrical triangle limits short-term moves.
200-HMA adds strength to the support.

Anil Panchal FXStreet

EUR/GBP is gradually reaching towards the breakout points of a week-long symmetrical triangle as it trades near 0.8895 while heading into the European open on Friday.

While the formation ends of 0.8880 and 0.8915 are likely strong levels to watch 200-hour moving average (200-HMA), at 0.8887 now, adds strength to the support side.

If prices slip under 0.8880, 61.8% Fibonacci retracement level of a fortnight-long upside, at 0.8850, followed by 0.8825 and 0.8800, can lure sellers.

In a case of the quote’s U-turn, 0.8905 can offer intermediate halt ahead of highlighting 0.8915.

Though, pair’s sustained break of 0.8915 could trigger a fresh bout of buying towards the month’s 0.8935.

EUR/GBP hourly chart

Trend: Sideways

EUR/GBP

Overview
Today last price	0.8894
Today Daily Change	-7 pips
Today Daily Change %	-0.08%
Today daily open	0.8901

Trends
Daily SMA20	0.8846
Daily SMA50	0.8716
Daily SMA100	0.8682
Daily SMA200	0.8782

Levels
Previous Daily High	0.8922
Previous Daily Low	0.8877
Previous Weekly High	0.8904
Previous Weekly Low	0.8824
Previous Monthly High	0.8876
Previous Monthly Low	0.8489
Daily Fibonacci 38.2%	0.8905
Daily Fibonacci 61.8%	0.8894
Daily Pivot Point S1	0.8878
Daily Pivot Point S2	0.8856
Daily Pivot Point S3	0.8834
Daily Pivot Point R1	0.8923
Daily Pivot Point R2	0.8944
Daily Pivot Point R3	0.8967

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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