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EUR/GBP failed to reach 0.9229 former high signaling exhausted buyers on the H4 chart. Still, the bullish bias remains intact as long it stays somewhere above the 0.9000 psychological level.
The pair seems undecided in the short term and is moving within a minor range. It remains to see if this sideways movement will be an accumulation or a distribution. Technically, only a new lower low could activate the bearish reversal.
EUR/GBP failed to reach the R2 (0.9226) level and now is almost to hit the Pivot Point (0.9059) level. Further growth will be validated by a new higher high, bullish closure above the 0.9229 high.
Technically, a drop and stabilization under 0.9000 - 0.8983 area indicates a deeper drop. So, we need a downside breakout from this range to consider going short. I believe that the next few days could be decisive and I really hope that we'll have a great trading opportunity after the rate escapes from this range.
Sell a valid breakdown from this pattern, below the S1 (0.8971) and use the S3 (0.8804) as a first potential downside target.
A false breakdown with great separation below 0.8983 or a major bullish engulfing printed on this level brings a long opportunity. Also, a bullish closure above 0.9229 represents a buying signal.
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