EUR/GBP has crashed back inside its multi-month range. It is falling to the range floor where it is likely to meet strong support. A break lower would activate downside targets based on the height of the range. The range stretches from roughly a ceiling level at 0.8600 and a floor at 0.8530. EUR/GBP Daily Chart EUR/GBP has fallen to 0.8541, which is quite close to the range floor at 0.8530.
Further weakness could even see price match the target at 0.8460. EUR/GBP broke out of the top of its multi-month consolidation range on April 19 and rose up to a peak of 0.8645 before forming a Tweezer Top candlestick reversal pattern at the highs, reversing and tumbling back down. The Tweezer Top forms when two adjacent candlesticks peak, their wicks are of similar length, and end at the same or very similar levels.
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Source: FXStreetNews - 🏆 14. / 72 Read more »