Range Markets

EUR/GBP holds onto recovery gains from immediate triangle support.

200-HMA, 61.8% Fibonacci retracement adds to the upside barriers.

Bears will have multiple supports after defying the triangle formation.

Despite flashing 0.06% gains to 0.8717, a short-term triangle restricts the EUR/GBP moves ahead of the European session on Tuesday.

Even so, the pair’s sustained recoveries from the pattern support can push the quote towards a 200-HMA level of 0.8740 if it manages to cross the immediate resistance line around 0.8720.

During the pair’s further rise past-0.8720, 61.8% Fibonacci retracement of April 14-21 upside, near 0.8750 could lure the bulls.

Alternatively, a downside break below 0.8710 pattern support will have multiple rest-points around 0.8700 and 0.8690 ahead of visiting the monthly bottom close to 0.8680.

EUR/GBP hourly chart

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