17.11 - EUR/GBP struggles to capitalize on a bullish technical pattern
- by George Solotarov
EUR/GBP is locked in a 0.8655 to 0.90 range for the third straight trading day. The range play marks a weak follow-through to the bullish reversal pattern confirmed last week. The pair jumped over 1% last Thursday, registering its biggest single-day gain since Sept. 10
The bullish outlook now stands neutralized and the Nov. 12 high of 0.9004 is the level to beat for the bulls. A close higher would open the doors to the Nov. 5 high of 0.9069. The support is located at 0.8955 (Monday's low) followed by the Nov. 11 low of 0.8861.