After rejecting the bearish trend line resistance at 0.85249, EUR to GBP slipped lower. Currently, the price is heading towards the triangle support at 0.84800 marks. If the EURO bulls manage to gain bullish momentum from that level, EUR to GBP might head towards 0.85150 mark. A daily closing of the price above that level might confirm the bullish breakout of the triangle pattern.
Eventually, EUR to GBP might head towards the key resistance level at 0.85800 marks. Breaking above that level might be tough for the EURO bulls since we have plenty of resistive candles. In fact, we might require a strong fundamental catalyst to rally higher from 0.85800 marks.
On the downside, break below the support at 0.8400 marks might push the price towards the next critical support level at 0.84537. This level might provide temporary support. However, price breaking below that level might result in an extensive downfall in EUR to GBP. The extensive bearish move in EUR to GBP might get ceased after hitting the major support at 0.82765. This level might play a crucial role since we have a strong cluster of support.
Any bullish price action signal might offer excellent buying opportunity at the deep. Considering all the parameters, the traders are advised to wait for a clear breakout in the triangle pattern.Download our latest quarterly market outlookfor our longer-term trade ideas.
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