FX.co ★ EUR/GBP

Hello traders, today the EURGBP pair is basically in a state of hibernation, just like yesterday. It's hovering around the moving average (MA), which is currently acting as a sort of magnet for the price. It's relatively safe to both buy and sell based on logic, unless it decides to enter a real trend. I don't think we're there yet, as after a great impulse, everything smoothly transitioned into a sluggish and unnecessary flat market. While some traders are eagerly anticipating a trend, that's definitely not me - I prefer a more dynamic market. The flat market dynamics are lackluster. Candlesticks are closing with spikes, making life even more difficult for trend traders. The precarious position above the MA doesn't play a significant role at this market phase. I believe a move towards local lows is imminent, with a potential test of 0.8687.

On the H1 chart, we can see that we're also stuck in place. The range was extremely narrow today, and it definitely won't expand today. In the upcoming week, we will undoubtedly see an expansion. I expect an initial move lower to test the 0.8687 area.