EUR/GBP Consolidating just above the Critical Support

Dear Traders,

The EUR/GBP has mad a breakout below the 0.8898 but it is struggling to go below 0.8850. Continuation is possibly only if the price closes below 0.8850.

0.8898-0.8915 is the POC where the price might reject again. However the critical support is 0.8850 and if the pair doesn’t make a bearish close below it we will not see the continuation. Even with the bearish close below, the candlestick is important. It needs to be a nice momentum bearish candlestick with strong body. Targets are 0.8810 and 0.8766. However if the price makes a bounce to 0.8963 then the upside breakout might be possible. Ideally it should stay below the triangle lower TL, clearly rejecting the POC zone.

The analysis has been done with the CAMMACD.MTF template.

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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

This article was originally posted on FX Empire

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