EUR/GBP is falling back inside its multi-month range after temporarily breaking out to the upside on May 7.
EUR/GBP is breaking back inside a medium-term range after briefly breaching to the upside. The pair is extending its sideways trend and could fall all the way back down to the range lows. The MACD has crossed below its signal line giving a bearish signal. The move back down inside the range continues the pair’s sideways trend. This trend is tipped to continue given the old market saying that “the trend is your friend”.
For a change of the sideways trend to be confirmed, 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 floor such a move would open the way to a downside target at 0.8486 – the 0.681 Fibonacci ratio of the height of the range extrapolated lower from the channel’s base. This is the method used by technical analysts to estimate range breakouts. Further weakness could even see price reach the next target at 0.
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