EUR/GBP rallied today and it seems determined to resume its upwards movement. The pair developed a minor down channel which could be considered as a continuation pattern. Making a valid breakout from this formation could really announce an upside continuation.
The price is bullish also after the Euro-zone Current Account was reported at 21.8B versus 12.3B expected and compared to 13.9B in the previous reporting period.
Technical Analysis!
EUR/GBP is traded at 0.8538 at the moment of writing below 0.8551 today’s high. The price has slipped lower after the amazing rally. Still, the bias is bullish, EUR/GBP could resume its growth. The immediate upside target is seen at the R2 (0.8558) level.
The median line (ML) of the ascending pitchfork could attract the price as long as it stays within the pitchfork’s body.
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