The euro remains behind the pound as the recent rally towards the 0.9500 level continues to collapse.
Technical analysis of EUR / GBP shows that a series of lower peaks over the daily time period has created a triple bearish peak pattern formation.
EUR / GBP medium-term price trend
EUR / GBP has fallen below the 0.9000 level as the euro currency remains under pressure in the foreign exchange market, while the pound sterling has put in place a solid recovery against a broad basket of currencies.
EUR / GBP analysis shows that three unsuccessful upward attempts have helped form a triple bearish pattern over the daily period.
So far, the pair has always found solid medium-term technical support from its 200-day moving average, around the 0.8755 level.
Buyers can try to bring the price down to the 0.9000 level while the support level of 0.8755 continues to hold.
A loss of the support level of 0.8755 could cause the EUR / GBP pair to fall towards the level of 0.8500 to 0.8450 in the medium term.
EUR / GBP short-term price trend
Technical analysis EUR / GBP shows that the pair only has a short-term bullish bias while the price is trading above the level of 0.8820.
The four hour delay currently shows that a large symmetrical triangle pattern has begun to take shape.
Upon closer examination of the triangle pattern, the top of the pattern is located around the 0.8950 level, while the bottom of the pattern is located around the 0.8660 level.
Depending on the size of the triangle, a directional movement of about 300 points may take place once a sustained rupture of the triangle occurs.
EUR / GBP technical summary
EUR / GBP analysis shows that a triple-top model was formed after three major upward refusals. Pay attention to a sustained breakout from a large triangular pattern on the lower periods.
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