EUR/GBP Price Analysis: Trading back inside medium-term range

  • 📰 FXStreetNews
  • ⏱ Reading Time:
  • 25 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 72%

EURGBP News

Technical Analysis

EUR/GBP has fallen back inside its multi-month range after temporarily breaking out to the upside on May 7.

EUR/GBP is trading back inside a multi-month range after temporarily breaking out to the upside. It could now potentially continue falling to the range lows, with support from 50 and 100 MAs on the way. The pair is in a sideways trend that continues extending. The move back down inside the range continues the pair’s sideways trend. This trend is expected to continue given the old saying that “the trend is your friend”.

For a change of the sideways trend, EUR/GBP would need to make a decisive break below the range lows or above the April 23 high. In the case of a break below the range lows the first downside target would be located at 0.8486 – the 0.618 Fibonacci ratio of the height of the range extrapolated lower from the channel’s base. This is the common method used by technical analysts to estimate range breakouts. Further weakness could even see price reach the next target at 0.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 14. in COİN

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

EUR/GBP Price Analysis: Continues oscillating within a rangeEUR/GBP price is trading in the 0.8560s, in the middle of a multi-month range on Monday.
Source: FXStreetNews - 🏆 14. / 72 Read more »

EUR/GBP Price Analysis: Back inside the multi-month rangeEUR/GBP is trading back inside its multi-month range after forming five down days in a row.
Source: FXStreetNews - 🏆 14. / 72 Read more »