EUR/GBP Technical Analysis: Trapped in a falling wedge on the daily chart

EUR/GBP's sell-off from the highs near 0.91 seen in January has taken the shape of a falling wedge - a bullish reversal pattern on the daily chart

A close above the upper edge of the falling wedge, currently at 0.8645, would confirm a bearish-to-bullish trend change and open the doors to 0.8840 (Feb. 14 high). Rejection at the wedge hurdle, however, could end triggering a sell-off toward levels below 0.83.

As of writing, the pair is trading at 0.8545. 

Daily chart

Trend: Neutral

    1. R3 0.8644
    2. R2 0.8603
    3. R1 0.857
  1. PP 0.853
    1. S1 0.8496
    2. S2 0.8456
    3. S3 0.8423


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD remains on the back foot amid ongoing trade concerns

EUR/USD is trading around 1.1150, the lowest in over two weeks. Markets are worried about US-Sino trade tensions as US companies stop working with China's Huawei and as China may ban these firms.


GBP/USD consolidates its losses amid Brexit pessimism

GBP/USD is trading in the low 1.2700s, close to the lowest since January. UK PM May is set to present a new plan after cross-party talks failed and as her successors are waiting for her resignation.


USD/JPY rebounds to 110 as Wall Street starts erasing early losses

After edging higher to a two-week high of 110.30 during the Asian session, the USD/JPY pair reversed its direction and erased 50 pips to touch a session low 109.80 in the early trading hours of the NA session before rebounding modestly.


Gold struggles to recover above $1280 despite stocks selloff

The troy ounce of the precious metal lost nearly $10 last week pressured by the broad-based USD strength and struggled to stage a meaningful recovery today. As of writing, the XAU/USD pair was down 0.09% on the day at $1276.60.

Gold News

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Updating the bullish signal level, now at $8,250 BTC/USD

The ceiling of the bear channel stops an army of Bitcoiners ready to go to the Moon. ETH/USD may extend its gains despite Bitcoin weakness. XRP/USD is facing increased volatility.

Read more