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FxWirePro: EUR/GBP extends range trade, consolidates above 200-DMA, bias neutral
EUR/GBP chart - Trading View
EUR/GBP is extending range trade for the 3rd consecutive session. Bias remains neutral.
The pair was largely muted at 0.8821 at around 07:15 GMT, with session highs at 0.8832 and lows at 0.8803.
Price action consolidates above 200-DMA, raising scope for further recovery. But currently the pair is struggling for direction.
Updates on PM Johnson's condition are eyed amid fears of a partial power vacuum after reports mentioned PM has been in the intensive care.
Technical indicators for the pair do not show a clear directional bias. Major and minor trend in the pair are neutral.
Price action has bounced off 200-DMA support and is holding above 5-DMA. Price action eyes 200H MA at 0.8886, break above confirms near-term bullishness.
Retrace below 200-DMA will see resumption of weakness. Immediate support below 200-DMA lies at 0.8703 (nearly converged 110-EMA and 50-DMA).
Break above 200H MA (0.8886) raises scope for test of 23.6% Fib at 0.8918 and then 38.2% Fib at 0.9029.