EUR/GBP price is trading in the 0.8560s, in the middle of a multi-month range on Monday.
EUR/GBP price has just reversed lower after rising up to near the range highs. The sideways trend is likely to extend, with price oscillating within the range. EUR/GBP is currently finding support from a cluster of major Moving Averages in the 0.8560s. It moved lower after rising up to close to the range ceiling. The pair is in a sideways trend which is expected to extend given the old traders adage that “the trend is your friend”.
The signal would be enhanced by the fact the pair was in a sideways trend and MACD is proven to be a more reliable indicator in non-trending markets. Change in trend? For a change of the sideways trend to be confirmed EUR/GBP price would need to make a decisive break above or below the range. In the case of a break below the range floor such a move would open the way for more downside to the next target at 0.8486 – the 0.
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