EUR/GBP Technical Analysis: Bullish breakthrough 1-month old trading range seems imminent
• Barring few knee-jerk reactions, the cross has been oscillating in a broader range over the past one month and points to indecision over the near-term direction.
• Meanwhile, the range-bound price action constituted towards the formation of a rectangle on the daily chart, usually seen as a continuation pattern - bullish in this case.
• However, the fact that the cross has managed to hold above important moving averages - 50, 100 & 200-day SMAs, further reinforce the near-term constructive outlook.
• Bullish technical indicators on hourly/daily charts add credence and thus, increase prospects for an eventual breakout, paving the way for gains to the 0.9100 handle.
EUR/GBP daily chart
Today Last Price: 0.9038
Today Daily change: 17 pips
Today Daily change %: 0.188%
Today Daily Open: 0.9021
Previous Daily SMA20: 0.9001
Previous Daily SMA50: 0.8915
Previous Daily SMA100: 0.8903
Previous Daily SMA200: 0.8861
Previous Daily High: 0.9061
Previous Daily Low: 0.9012
Previous Weekly High: 0.9119
Previous Weekly Low: 0.8927
Previous Monthly High: 0.9089
Previous Monthly Low: 0.8863
Previous Daily Fibonacci 38.2%: 0.9031
Previous Daily Fibonacci 61.8%: 0.9042
Previous Daily Pivot Point S1: 0.9002
Previous Daily Pivot Point S2: 0.8982
Previous Daily Pivot Point S3: 0.8953
Previous Daily Pivot Point R1: 0.9051
Previous Daily Pivot Point R2: 0.908
Previous Daily Pivot Point R3: 0.91