Lowest since February 27th

EURGBP was today at a 1.5 month minimum and only 20 pips from the lower triangular limit. Price moves inside the triangle from November 2016. There is still plenty of room for movement in the interior of this formation, and the distance between the arms of the triangle is currently 270 pips. Consequently, the upward movement and continuation of movement in this formation is much more likely than breaking out of it.


Movement after a possible breakout.

Not much place to move will have EURGBP after a possible break from the triangle formation. After breaking the upper limit of this formation, the significant resistance is at 0.8780 (only 30 pips above). In turn, after breaking the lower limit of the triangle, the support is at 0.8350 (110 pips below).

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