EUR/GBP continues to make cautious progress to the upside in the aftermath of a bullish candlestick pattern. This followed a push above a descending resistance line from earlier in January which was since resulted in gains of about 2.11% at the time of this writing. In the meantime, EUR/GBP finds itself in a horizontal resistance range between 0.88384 and 0.88108. This area consists of the lows ...
After being confined to trading within a horizontal range between 0.89525 and 0.90607 since December, the Euro is quickly losing ground against the British Pound after a rising support line was breached as anticipated. Not only has EUR/GBP fallen about 2.25% since January 11th, but also the pair achieved its longest daily losing streak since October 9th (5 days). Fundamentally, this has been due to the latest Brexit developments. ...
Last week, the Euro entered consolidation mode against the British Pound after what appeared to be a false breakout above a falling trend line from August. Since then, the range of price action has solidified as traders eagerly await a breakout. The upper boundary of resistance is a horizontal range between 0.89449 and 0.89235. Meanwhile the lower border is between 0.88384 and 0.88108. There is an early warning signal that EUR/GBP's next ...
In the aftermath of EUR/GBP's largest climb in a single day since June 2016, the pair is attempting to overturn its dominant downtrend. Looking at the daily chart below, the Euro climbed against the British Pound above the descending trend line from August. However, further upside progress was notably lacking and EUR/GBP was unable to push above the October high. In its attempt to do that, a horizontal range of resistance has formed between ...
For EUR/GBP, multiple resistance barriers were knocked out within a span of 24 hours. But on the daily chart, we do have the formation of what appears to be a new descending trend line dating back to August. For the time being, this may keep the dominant downtrend since then intact. A push above the line would open the door to overturning the downtrend. However, this would require ascending through the October high at 0.89394. Until that ...
Recent Comments