EUR/GBP technical analysis: On the back foot below 100-hour EMA, immediate falling channel

EUR/GBP stays below 200-hour EMA ever after it broke the key support last Thursday.
The lower line of four-day-old falling channel limits near-term declines.
Doji on the daily chart questions the recent weakness.

Anil Panchal FXStreet

Despite recovering from early-May lows, on the back of a Doji candlestick formation, EUR/GBP still has some key resistances to justify the latest strength. The quote currently trades around 0.8657 while heading into the European market opening on Friday.

Among the resistances, the 0.8690/95 area becomes the key as it includes 100-hour Exponential Moving Average (EMA) and upper line of a short-term falling channel.

While the pair’s break of 0.8695 will enable it to question 200-hour EMA level of 0.8752, last Friday’s high nearing 0.8871 could challenge buyers afterward.

Meanwhile, 0.8630 and the recent low of 0.8575 can entertain sellers ahead of questioning the downpour with the channel’s lower line, at 0.8550 now.

EUR/GBP hourly chart

Trend: bearish

additional important levels

Overview
Today last price	0.8657
Today Daily Change	25 pips
Today Daily Change %	0.29%
Today daily open	0.8632

Trends
Daily SMA20	0.8833
Daily SMA50	0.896
Daily SMA100	0.8972
Daily SMA200	0.8823

Levels
Previous Daily High	0.8704
Previous Daily Low	0.8575
Previous Weekly High	0.9022
Previous Weekly Low	0.8694
Previous Monthly High	0.915
Previous Monthly Low	0.8786
Daily Fibonacci 38.2%	0.8655
Daily Fibonacci 61.8%	0.8624
Daily Pivot Point S1	0.857
Daily Pivot Point S2	0.8508
Daily Pivot Point S3	0.8442
Daily Pivot Point R1	0.8698
Daily Pivot Point R2	0.8765
Daily Pivot Point R3	0.8827

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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