The Eurozone single currency has been moving in several uptrend and downtrend line against the British Pound since August 2017. The currency pair is currently trading is a triangle pattern.
After hitting the lower boundary of the triangle pattern late last week, bulls took control of the market, as a result, the exchange rate breached a resistance cluster formed by the weekly and the monthly PPs and the combination of the 55-,100-,-200– hour SMAs located near the 0.87 mark.
Given that the currency pair has been moving sideways for a very long time, it is expected that the EUR/GBP pair maintains its trading range during the following trading sessions.
