EUR/GBP may finally leave its range

EUR/GBP may finally leave its range

Trade ideas

BUY 0.8660; TP1 0.8710; TP2 0.8760; SL 0.8845

SELL 0.8580; TP 0.8540; SL 0.8595

EUR/GBP had an extremely volatile month. If we look at the daily chart, we’ll see a diamond-shaped broad consolidation range. The fact that we finally got some big news about Brexit (a delay until October 31) can allow the pair to finally break out of this pattern.

Technical indicators suggest that a break to the upside seems more likely. Notice, however, that breakout trading is risky and requires thoughtful risk management. The negative pressure will return if the pair gets back below 0.8590.

EURGBP d1.png

Similar

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

Latest news

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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