- EUR/GBP continues to favour the bears.
- EUR/GBP chart shows a broken symmetrical-triangle, and a lower-high suggests weakness.
- 200-hour moving average offers immediate resistance before the triangle’s upper line.
EUR/GBP was trading near the intraday low of 0.8988 during the pre-European session today. The pair has recently broken a one-week-old symmetrical triangle formation amidst the backdrop of a bearish MACD.
EUR/GBP has struggled to cross the 200-hour moving average from below and has seen lower-high formations.
The weakness had encouraged bears to target a falling trendline from the previous day, now near 0.8970 before challenging the monthly lows near 0.8945.
The July bottom of 0.8938 could lend some support to the pair on a further fall.
The bulls’ resolve will be tested near 0.9020 and 0.9030 – the levels of 200-hour moving average and the triangle resistance if the monthly highs of 0.9070 are targeted.