EUR/GBP Technical Analysis: Euro Prices Awaiting Range Breakout

EUR/GBP Technical Analysis

  • EUR/GBP appears to be transitioning into a consolidation mode for the time being
  • Upper boundary of the range around 0.89394 while the lower one is near 0.88108
  • A climb above the range exposes 2018 high, a descent meanwhile eyes April lows

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Since we last took a look at EUR/GBP, the pair was struggling to confirm a break above a falling trend line from August. Confirmation via more closes to the upside could have meant a lasting uptrend to come. But, that was not the case as anticipated. The pair fell instead, but lasting downside progress was not achieved and we are now back to where we left off.

With that in mind, the Euro appears to be transitioning into a consolidation mode against the British Pound. EUR/GBP is sitting squarely at the edge of a horizontal range of resistance between 0.89235 and 0.89394. Looking below, near-term horizontal support is between a range of 0.88384 and 0.88108. Until we get a

Article source: https://www.dailyfx.com/forex/technical/home/analysis/eur-gbp/2018/11/30/EURGBP-Technical-Analysis-Euro-Prices-Awaiting-Range-Breakout.html