EUR/GBP Technical Analysis: Bullish breakthrough 1-month old trading range seems imminent

Haresh Menghani FXStreet

• 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

EUR/GBP

Overview:
    Today Last Price: 0.9038
    Today Daily change: 17 pips
    Today Daily change %: 0.188%
    Today Daily Open: 0.9021
Trends:
    Previous Daily SMA20: 0.9001
    Previous Daily SMA50: 0.8915
    Previous Daily SMA100: 0.8903
    Previous Daily SMA200: 0.8861
Levels:
    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

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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