- EUR/GBP is teasing a breakout from a four-week bearish channel.
- Key indicator is aligned in favor of the bulls.
EUR/GBP is breaking out of a bearish channel represented by trendlines connecting Sept. 11 and Sept. 23 highs and Sept. 17 and Sept. 28 lows.
At press time, the pair is trading near 0.9080, representing a 0.15% gain on the day. Notably, the pair is sitting well above the upper end of the falling channel, currently at 0.9062.
A close above that level would confirm a bullish breakout and open the doors for 0.9162 (Oct. 7 high). Meanwhile, the Oct. 14 low of 0.9007 is the level to beat for the bears.
The breakout looks likely as the daily MACD histogram is reporting a bullish divergence.
|Today last price||0.908|
|Today Daily Change||0.0016|
|Today Daily Change %||0.18|
|Today daily open||0.9064|
|Previous Daily High||0.9078|
|Previous Daily Low||0.9016|
|Previous Weekly High||0.9162|
|Previous Weekly Low||0.9054|
|Previous Monthly High||0.9292|
|Previous Monthly Low||0.8866|
|Daily Fibonacci 38.2%||0.9054|
|Daily Fibonacci 61.8%||0.904|
|Daily Pivot Point S1||0.9028|
|Daily Pivot Point S2||0.8992|
|Daily Pivot Point S3||0.8967|
|Daily Pivot Point R1||0.9089|
|Daily Pivot Point R2||0.9114|
|Daily Pivot Point R3||0.915|
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