ForexTrendline

EUR/GBP Continues Trading in the Range

OANDA:EURGBP   Euro / British Pound
In short-term EUR/GBP remains neutral at this point. Another decline is mildly in favor as long as 0.8676 resistance holds. Break of 0.8521 will target 100% projection of 0.9324 to 0.8786 from 0.9019 at 0.8481, which is close to 0.8472 key support.

Considering diminishing downside momentum as seen in daily MACD , we’d expect strong support from there to bring rebound. On the upside, break of 0.8676 resistance will indicate short term bottoming and bring stronger rebound back to 0.8786/9019 resistance zone first.

From long-term point of view, only a clear break of 0.9324 would confirm bullish trend resumption. Otherwise, risk will stay on the downside even in case of strong rebound.
Trade closed: target reached: Today the key support 0.8472 was tested and we have now to see if it will be broken downside

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