The EUR/GBP pair's persistent defense of key rising trendline could embolden the bulls to take out the resistance or the upper edge of the descending triangle pattern, seen in the chart below.
4-hour chart
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- As seen above, the trendline connecting the Nov. 13 low and Dec. 7 low is begin defended for the third day. That validates the bullish view put forward by the rising 50, 100, and 200-candle moving averages (MAs).
- EUR/GBP, therefore, could witness a descending triangle breakout - a bullish continuation pattern - which, if confirmed, would signal a revival of the rally from the Nov. 13 low of 0.8656 and allow a re-test of the recent 0.9087.
- A triangle breakout will likely send the bulls packing.
Trend: bullish
EUR/GBP
Overview:
Today Last Price: 0.899
Today Daily change: -2.0 pips
Today Daily change %: -0.0222%
Today Daily Open: 0.8992
Trends:
Previous Daily SMA20: 0.893
Previous Daily SMA50: 0.8854
Previous Daily SMA100: 0.8894
Previous Daily SMA200: 0.8842
Levels:
Previous Daily High: 0.9012
Previous Daily Low: 0.8962
Previous Weekly High: 0.9089
Previous Weekly Low: 0.8952
Previous Monthly High: 0.8932
Previous Monthly Low: 0.8656
Previous Daily Fibonacci 38.2%: 0.8981
Previous Daily Fibonacci 61.8%: 0.8993
Previous Daily Pivot Point S1: 0.8966
Previous Daily Pivot Point S2: 0.8939
Previous Daily Pivot Point S3: 0.8916
Previous Daily Pivot Point R1: 0.9015
Previous Daily Pivot Point R2: 0.9038
Previous Daily Pivot Point R3: 0.9065
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