EUR/GBP: 2 Weeks In Consolidation Of Range 100 Pips
EUR/GBP moves in consolidation after strong wave of sell-off started on mid-October. Price moves between 0.7080 – 0.6980. If price break below support at 0.6980 level next support is low from this year’s July 0.6935. After its break, next support is at 0.6600 level, which was in the game in 2004 – 2007 years. However if supply will be strong enough and 0.7080 level will be break above, next supports are at levels: 0.7100, range: 0.7130 – 0.7150, 0.7200.
For 6 years EUR/GBP moves in strong downward trend. The next lower lows and lower highs are break by corrections and it confirms current downward trend. Therefore there is more likely break below from the lower limit of that consolidation.
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