Due to the top-tier events in the UK and the EU (BOE Rate Decision and German Services Numbers), the EURGBP pair is likely to register the biggest price swings this week. Its price action has already started to appreciate in a new upswing.
Following the successful breakout above the Falling Wedge pattern, the EURGBP went on to consolidate above the 100-day MA (in blue) and the 200-day MA (in orange). The MACD indicator underpins the presently strong bullish momentum.
If the price action manages to break out above the 61.8 per cent Fibonacci retracement level, it would then be able to target the two previous swing peaks.
Following the successful breakout above the Falling Wedge pattern, the EURGBP went on to consolidate above the 100-day MA (in blue) and the 200-day MA (in orange). The MACD indicator underpins the presently strong bullish momentum.
If the price action manages to break out above the 61.8 per cent Fibonacci retracement level, it would then be able to target the two previous swing peaks.
