EUR/GBP price is in a sideways trend which has unfolded over three months.
EUR/GBP is in a sideways trend that has lasted for three months. This trend is expected to extend, but at what point would a breakout from the range be assessed as occurring? How far would such breakouts be expected to travel? In technical analysis the received wisdom is that the existing trend is expected to continue until the weight of evidence points to a reversal. Since there is no evidence EUR/GBP has changed trend the conclusion must be that it will continue trading sideways.
It is a tenet of technical analysis, however, that a level gains importance the more times it is tested, and so the hypothetical ceiling should at least have been touched more than once. This rules out the March 22 high, which was only reached once. The next level at 0.8585 offers a good compromise as it has been touched twice and lies between the 0.8602 peak of the range and the 0.8571 multiple-touch level. It is this midpoint level which has been chosen for this analysis.
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