- EUR / GBP remains lower and hovers around the intraday low.
- The falling RSI, the bearish triangle, and a sustained breakout of the monthly support line favor bears.
- The 100 hourly SMA and the two-week downtrend line offer resistance to the upside.
EUR / GBP remains under pressure as it attacks the daily low near 0.8555, shedding 0.05% ahead of the opening of the European session on Thursday. The currency cross reached the lowest level in a month the day before, but has yet to revisit the February low, also the 13-month low.
Considering there is no major support within the triangle in the short term and the break to the downside after breaking a short term support line on Monday, the EUR / GBP is likely to remain pressed towards the prior month low of 0.8539.
However, any further weakness will point to the January 2020 lows near 0.8387, with the round levels of 0.8500 and 0.8400 poised to offer intermediate support.
On the other hand, a break to the upside of the aforementioned triangle resistance, now at 0.8570, will have to break above the previous support line, as well as the 100 hourly SMA, near 0.8580 to justify a corrective pullback.
Higher up, the bulls could find resistance at a downtrend line from Feb 26, now at 0.8592, followed by the round level of 0.8600.
EUR / GBP 1 hour chart
EUR / GBP technical levels
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