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EUR/GBP: Consolidation Noticed Between the Levels of 0.7016 and 0.7006

European Session

The EUR/GBP pair has been ranging since the 25th of November 2015, mostly between the levels of 0.7051 and 0.7006.

The pair went back and forth on Monday, testing the 0.7051 level to subsequently plunge down to 0.7012. Today, the pair consolidated between the levels of 0.7016 and 0.7006. In the scenario that the bulls try to exert heavier buying pressures and the price breaks above 0.7043, the pair could travel up to 0.7043 and 0.7051 in extension.
Conversely, in the scenario where the bears keep pressing the pair lower, as there is significant resistance above 0.7019, the price could decelerate down to 0.6981.

Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.

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