EUR/GBP At 23.6% Fibo

EUR/GBP remained relatively volatile this week and is developing within a pretty good range of 0.8660 – 0.8900. Euro bulls succeeded to conquer the support at 0.8750 and currently the pair is preparing to break the 23.6% Fibonacci retracement of late August to December bearish drop at 0.8835. Amid the Brexit uncertainty and weakened Sterling, the single currency encourages another move toward the middle of the range. Indicators on the daily chart support the bullish outlook, so we may see the pair back again at 0.8900. Should the pair close above the 38.2% of same Fibo at 0.8925, doors are opened for testing the 0.9000 price zone, which is 50% Fibo level and the upper side of the range. In case the pair fails to conquer the 23.6% Fibo, then yesterday’s low around 0.8810 will be revisited.