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EUR/GBP: Trading At Range Lows

ByForex4you
Published 04/22/2015, 06:11 AM
Updated 07/07/2019, 08:10 AM


EUR/GBP is in a sideways market mode after having met support from a major trend-line drawn on the monthly chart, joining the 2010 and 2012 lows. This line could provide the necessary support for a major reversal to take shape and the pair to move substantially higher, however, currently it is merely churning at the same level as the line.


Zooming in to lower time-frames and the direction of price action becomes even less clear: on the 4-hour chart it has been going sideways in a narrow range for a week. Currently it is moving down to the mini-range lows at 0.7162. If it breaks below these lows there is a possibility of a move down to the 61.8% extrapolation of the width of the range lower, which gives a target of 0.7122.


Another possibility would be to trade the pair higher from its current position at the lows of the range, using a tight stop – with a range of targets starting at the monthly pivot at 0.7215, and then the major trend-line at 0.7245, although this is much more risky as it involves trading within a range, so I would advise buying bit by bit slowly if the direction is right.
EUR/GBP 4 Hourly Chart

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