EUR/GBP price is rising up within a multi-month range after bouncing off support at the lows.
EUR/GBP price is rising within its range after bouncing off support at the range floor. The trend is sideways and likely to extend, with price oscillating within the range. EUR/GBP has just been pushed back by resistance from a cluster of Moving Averages in the 0.8560s. The pair is in a sideways trend and given the old traders adage that “the trend is your friend,” is tipped to continue unfolding within the range.
The signal was enhanced by the fact the pair was in a sideways trend and MACD is proven to be a more reliable indicator in non-trending markets. EUR/GBP is expected to remain range-bound until a strong directional move breaks the trend. A decisive break below the range low would open the way for more downside to the next target at 0.8486. This is the 0.681 Fibonacci ratio of the height of the range extrapolated lower from the channel’s base.
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