EUR/GBP Technical Analysis: Sidelined in a narrow range for fourth straight day

Omkar Godbole FXStreet Contributor

EUR/GBP is struggling for direction for the fourth straight day with the hourly chart reporting a 13-pip trading range of 0.8645-0.8658.

Hourly chart

As seen above, the pair dived out of the rising wedge pattern last week - a bearish development. Therefore, the 13-pip range is more likely to be breached to the downside in favor of 0.96 (psychological support).

The bearish view, however, would be invalidated if the 200-hour moving average (MA), currently at 0.8639 puts a floor under the pair.

Trend: Neutral-to-bearish

Pivot points

1. R3 0.8681
2. R2 0.8671
3. R1 0.8661
PP 0.865
1. S1 0.864
2. S2 0.863
3. S3 0.862

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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