EUR/GBP price has fallen to 0.8530, one pip above the base of a multi-month range at 0.8530.
EUR/GBP price has fallen to the floor of a multi-month range and rebounded off support. It is now poised to begin rising back up inside the channel continuing the sideways trend. The MACD indicator is poised to cross its signal line giving a buy signal, reinforcing the new up move. The pair has bounced off the support from the range low and is trading back up at 0.8547 at the time of publication.
If it does it will give a buy signal and suggest more upside increasing the probability of a rally within the range. The signal would be improved by the fact the pair is in a sideways trend and MACD is proven to be a more reliable indicator in non-trending markets. A decisive break below the range low would open the way for more downside to the next target at 0.8486. This is the 0.681 Fibonacci ratio of the height of the range extrapolated lower from the channel’s base.
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