The EUR/GBP
has been consolidating as shown on the daily chart and the range has been
getting tighter forming what it appears to be a symmetrical triangle. From this
point the price may break out in any direction. But there could be a slight probability
of it breaking to the upside, due to the fact that the pair had been trending
upwards and the current consolidation may just be a pullback to continue
higher. If the price breaks to the upside, then the high at the 0.8629 could
act as a resistance. To the downside, the 0.8200 or the 55 day EMA may act as
support. Below those levels, we can see some important support levels at the
0.8000 and at the 200 day exponential moving average, around the 0.7856 level.
Good analysis, thank you.
ReplyDeleteGreat assessment. I'll keep a close eye on the currency.
ReplyDeleteI'll keep those levels in mind.
ReplyDeleteGreat take on markets!
ReplyDeleteVery helpful and insightful analysis, excellent.
ReplyDeleteVery useful information! Thanks.
ReplyDeleteHelpful post, thanks for sharing!
ReplyDeleteInteresting post!
ReplyDelete