EUR/GBP Technical Analysis: Eyes losses for third straight day

EUR/GBP could end with losses for the third day, as the pair closed yesterday below 0.8636 yesterday, confirming a bearish doji reversal. The pair had created a long-tailed doji candle on Tuesday.
Further, on the 4-hour chart, the pair is teasing a double top breakdown. Acceptance below the neckline 0.8633 looks likely, given yesterday’s bearish close and could be followed by a drop to sub-0.86 levels.
A close above 0.8682 (April 23 high) is needed to revive the bullish setup.

Omkar Godbole FXStreet Contributor

Daily chart

4-hour chart

Trend: Bearish

Pivot points

1. R3 0.8678
2. R2 0.8667
3. R1 0.8649
PP 0.8637
1. S1 0.8619
2. S2 0.8608
3. S3 0.859

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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