“¢ Barring some knee-jerk spikes in either direction, the cross has been largely confined within a narrow trading range over the past 48-hours or so. “¢ The range-bound price action now seems to constitute towards the formation of a rectangular chart pattern on the 1-hourly chart, indicating a consolidation phase before the next leg of directional move. “¢ Neutral technical indicators have done little to determine the near-term direction and hence, it would be prudent to wait for a decisive breakout before committing to the pair’s near-term trajectory. EUR/GBP 1-hourly chart Spot rate: 0.8886 Daily High: 0.8896 Daily Low: 0.8876 Trend: Sideways Resistance R1: 0.8900 (200-period SMA H1) R2: 0.8921 (R2 daily pivot-point) R3: 0.8958 (over 4-month tops set last Friday) Support S1: 0.8872 (overnight swing low) S2: 0.8858 (S2 daily pivot-point) S3: 0.8822 (200-day SMA) FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next ECB press conference July 26 – Draghi speech – Live stream FX Street 5 years "¢ Barring some knee-jerk spikes in either direction, the cross has been largely confined within a narrow trading range over the past 48-hours or so. "¢ The range-bound price action now seems to constitute towards the formation of a rectangular chart pattern on the 1-hourly chart, indicating a consolidation phase before the next leg of directional move. "¢ Neutral technical indicators have done little to determine the near-term direction and hence, it would be prudent to wait for a decisive breakout before committing to the pair's near-term trajectory. EUR/GBP 1-hourly chart Spot rate: 0.8886… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
