EUR/GBP touched above 0.8000 for the first time since Sept. 20 today
The pair has taken positive technical steps.
Today, the euro quickly recovered Friday’s losses and made a one-week high.
A rough (very rough) inverted head and shoulders pattern has also formed on the hourly chart. A sustained break of the neckline would target 0.8050, which is also the 61.8% retracement of the recent slump.
More broadly, this chart is tentative confirmation that the pound is due for a period of weakness. The outside bearish reversal in cable on Friday points to a retracement.
