- EUR / GBP struggles to capitalize on a bullish technical pattern.
- Resistance at 0.904 is now the level to beat for the bulls.
EUR / GBP is trapped within a range between 0.8955 and 0.90 for the third day in a row.
The tight range shows the weak continuation of the bullish reversal pattern confirmed last week. The pair jumped more than 1% last Thursday, posting its biggest single-day gain since September 10 and confirming a reversal to the upside after the bearish exhaustion signaled by the previous day’s Doji candle.
The bullish outlook is now neutralized and the November 12 high of 0.9004 is the level to beat for the bulls. An upward close would open the doors to the November 5 high of 0.9069. Support is at 0.8955 (Monday low), followed by the November 11 low at 0.8861.
EUR / GBP daily chart
EUR / GBP technical levels
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