By: Doug Rosen
The EUR/GBP has been nearly perfectly range bound for the last 4 days. Most likely just consolidating after the very bearish and fundamental week we had last week. Today's daily candle is just slightly below the daily 5 ema and the stochastics is in the oversold zone. Yesterday I had price trapped in a triangle price trap and it is now out of the trap but it didn't really breakout, it more like just drifted out.
On the 4 hour time frame however, price is underneath the 4 hour 5 ema and on the hourly time frame price is just in a tight range.
The 15 minute time frame is also range bound. In any case I am bearish for this pair so, what I will be watching for today is a break below .8372 then a retest and look for shorts. Long opportunities are doubtful at the moment so once price has much resistance above it at this time and the EUR/GBP tends to trade quite technically and technically speaking this pair is below much resistance and not too much support is below. Currency is like liquid, generally follows the path of least resistance.
