The EUR/GBP pair discovers a temporary support near 0.8550 in Monday’s European session after a two-day correction from a more than three-month high of 0.8625.
EUR/GBP finds interim cushion near 0.8550 with investors focusing on the UK data. UK’s Average Earnings Excluding Bonuses are estimated to have declined to 4.6% from the prior release of 5.7%. EUR/GBP is on the verge of delivering a Falling Wedge breakout.
EUR/GBP gathers strength to deliver a breakout of the Falling Wedge chart pattern formation on a daily timeframe. A breakout of the same results in a bullish reversal. The 200-day Exponential Moving Average near 0.8540 acts as a major cushion for the Euro bulls. The 14-day Relative Strength Index shifts inside the 60.00-80.00 range for the first time in more than three months. If the RSI sustains above 60.00, a bullish momentum will trigger.
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