EUR/GBP technical analysis: Bears keep lurking around latest highs, rising channel in play

• Multiple failures to cross nearby high favor chances of pullback.
• Short-term ascending trend-channel can question heavy downpour.

Despite following three-week-old ascending trend-channel, the EUR/GBP pair is still to cross latest highs as it seesaws near 0.8898 ahead of the European open on Monday.

Unless providing a sustained break of 0.8903, chances of the pair’s pullback to 21-hour moving average (HMA) level of 0.8873 can’t be denied. Though, support-line of the channel formation around 0.8843 may limit the quote’s further declines.

In a case of the pair’s extended south-run below 0.8843, 0.8780 and May 21 low near 0.8725 might come back on the chart.

On the flipside, 0.8935 mark comprising channel’s upper-line could be buyers’ favorite after clearing 0.8903.

Also, during the pair’s successful rise past-8935, 0.8950/55 may offer an intermediate halt to the run towards 0.9000 round-figure.

EUR/GBP hourly chart

Trend: Pullback expected