The pair is struggling to extend its rebound from the multi-month low last week as it oscillates in a narrow range below 0.8700. The pair is trading close to the 100-hour SMA and an upward move is favored from a technical perspective.
The 1 hour chart technical indicators reinforce the bullish outlook, while the bearish oscillators on the 4 hour/day chart are preventing a stronger rebound.
Market participants are waiting for the release of the UK Construction PMI and they will not take any major positions in advance.
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