EUR/GBP Technical Analysis: Sidelined in a narrow range for fourth straight day
|EUR/GBP is struggling for direction for the fourth straight day with the hourly chart reporting a 13-pip trading range of 0.8645-0.8658.
Hourly chart
As seen above, the pair dived out of the rising wedge pattern last week - a bearish development. Therefore, the 13-pip range is more likely to be breached to the downside in favor of 0.96 (psychological support).
The bearish view, however, would be invalidated if the 200-hour moving average (MA), currently at 0.8639 puts a floor under the pair.
Trend: Neutral-to-bearish
Pivot points
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