EUR/GBP Technical Analysis: teasing double top breakdown

The EUR/GBP pair is teasing a double top breakdown - break below the neckline of 0.8952 - having breached the rising trendline in favor of the bears, as seen in the 4-hour chart below.
A double top breakdown, if confirmed, would open the doors to 0.8817 (target as per the measured move method). On the way lower, the pair may encounter support at 0.89.
The prospects of double top breakdown would weaken sharply if the pair retakes the rising trendline.

Omkar Godbole FXStreet Contributor

4-hour chart

Trend: Bearish

EUR/GBP

Overview:
    Today Last Price: 0.896
    Today Daily change: 8.0 pips
    Today Daily change %: 0.0894%
    Today Daily Open: 0.8952
Trends:
    Previous Daily SMA20: 0.9002
    Previous Daily SMA50: 0.8904
    Previous Daily SMA100: 0.8902
    Previous Daily SMA200: 0.8856
Levels:
    Previous Daily High: 0.9032
    Previous Daily Low: 0.8943
    Previous Weekly High: 0.9119
    Previous Weekly Low: 0.8927
    Previous Monthly High: 0.9089
    Previous Monthly Low: 0.8863
    Previous Daily Fibonacci 38.2%: 0.8977
    Previous Daily Fibonacci 61.8%: 0.8998
    Previous Daily Pivot Point S1: 0.8919
    Previous Daily Pivot Point S2: 0.8886
    Previous Daily Pivot Point S3: 0.883
    Previous Daily Pivot Point R1: 0.9009
    Previous Daily Pivot Point R2: 0.9065
    Previous Daily Pivot Point R3: 0.9098

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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