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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.

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

 

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