- EUR/GBP struggles to capitalize on a bullish technical pattern.
- The resistance at 0.904 is now the level to beat for the bulls.
EUR/GBP is locked in a 0.8655 to 0.90 range for the third straight trading day.
The range play marks a weak follow-through to the bullish reversal pattern confirmed last week. The pair jumped over 1% last Thursday, registering its biggest single-day gain since Sept. 10 and confirming a reversal higher following the seller exhaustion signaled by the preceding day’s Doji candle.
The bullish outlook now stands neutralized and the Nov. 12 high of 0.9004 is the level to beat for the bulls. A close higher would open the doors to the Nov. 5 high of 0.9069. The support is located at 0.8955 (Monday’s low) followed by the Nov. 11 low of 0.8861.
Daily chart
Trend: Neutral
Technical levels
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