EUR/GBP Technical Analysis: Looks heavy on the hourly chart

Omkar Godbole FXStreet Contributor

The EUR/GBP pair could test key trendline support lined up near 0.8765 in the next few hours, having found acceptance under the 50-hour moving average (MA) earlier today.

Hourly chart

The falling trendline seen in the above chart represents bearish lower highs and lower lows setup. The pair is trading below the 50-hour MA, currently at 0.8789 with RSI biased bearish below 50.00.

Therefore, the trendline sloping north from Jan. 25 and Jan. 28 lows, currently at 0.8765, could be put to test soon. The bearish case would weaken if the falling trendline resistance is scaled.

Trend: pullback likely

EUR/GBP

Overview:
    Today Last Price: 0.8782
    Today Daily change: -0.0006 pips
    Today Daily change %: -0.07%
    Today Daily Open: 0.8788
Trends:
    Daily SMA20: 0.879
    Daily SMA50: 0.8905
    Daily SMA100: 0.8868
    Daily SMA200: 0.8866
Levels:
    Previous Daily High: 0.8818
    Previous Daily Low: 0.8772
    Previous Weekly High: 0.8795
    Previous Weekly Low: 0.8636
    Previous Monthly High: 0.9119
    Previous Monthly Low: 0.8617
    Daily Fibonacci 38.2%: 0.879
    Daily Fibonacci 61.8%: 0.88
    Daily Pivot Point S1: 0.8768
    Daily Pivot Point S2: 0.8748
    Daily Pivot Point S3: 0.8723
    Daily Pivot Point R1: 0.8813
    Daily Pivot Point R2: 0.8838
    Daily Pivot Point R3: 0.8858

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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