EURGBP Price Analysis: Bears eye range support around 0.8700

 

Renewing selling pressure causes EURGBP to see a decline to almost two-week lows. On short-term charts, the rectangle pattern that forms suggests that traders are still determining their next move.

Before making substantial directional wagers, neutral technical indications also call for prudence. During the first part of the European session on Friday, the EURGBP cross falls to a low about two weeks old, but it still maintains some strength below the 0.8700 level.

The relative outperformance of the British pound coincides with a growing consensus that the Bank of England would increase borrowing rates further to confront persistently rising inflation. Additionally, the Sterling Pound is supported by the generally positive UK monthly retail sales data, which also puts downward pressure on the EURGBP cross.

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EDGE-FOREX

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