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EUR/GBP Price Analysis: Focus on weekly close

  • EUR/GBP is better bid above 0.87 at press time. 
  • Last week’s inverted bull hammer has made Friday’s close pivotal.
  • A weekly close under 0.8690 may embolden bears.

EUR/GBP is currently trading at 0.8713, representing a 0.20% gain on the day. 

The pair created an inverted bullish hammer last week, aborting the sell-off from highs bove 0.94 observed in March. 

If the pair ends Friday below the hammer’s low of 0.8690, it would imply a continuation of the sell-off from 0.94 and shift risk in favor of a drop to 0.8472 (March 11 low). 

Alternatively, a close above hammer’s high of 0.8863 would confirm a bullish reversal on the weekly chart. A move above 0.8863 would also confirm a double bottom breakout on the daily chart (assuming the pair does not break below 0.8650 and moves higher from the current price). 

Weekly chart

Trend: Neutral

Technical levels

 

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