EUR/GBP Ranging Ahead of Key Event Release
Following three consecutive days of decline, the EURGBP pair is trading in a narrow range with little change from yesterday's close ahead of the release of UK monthly retail sales data and ECB monetary policy announcement later during the day.
EURGBP descending trend-channel suggest further downside
On
H4, the pair has been oscillating within a descending trend-channel
formation. Hence, a follow through selling pressure below 0.7875
immediate horizontal support, is likely to continue exerting pressure on
the pair. Below 0.7875, the pair is likely to drift lower towards
testing the trend-channel support, currently near 0.7825.
Meanwhile
on the upside, a move beyond day's trading range high (0.7890 level)
should lift the pair immediately towards 0.7900 mark. Sustained move
above 0.7900 mark has the potential to lift the pair back towards the
trend-channel resistance, currently pegged near 0.7935 region.
