EUR/GBP price has reversed and fallen to a key support level at around 0.8590, where it is currently consolidating.
EUR/GBP price has fallen to support from the top of a multi-month range at 0.8590. Despite bearish signs the pair could yet rally as the short-term trend remains technically bullish. A decisive break below the support level, however, would indicate deeper decline back into the range. During volatile trading on April 19 the pair broke out of its multi-month range and rose up to a peak of 0.8645, however, it quickly reversed and fell back down.
It is likely to be a tough nut for bears to crack and push price lower. A decisive break below the top of the range would be required to confirm more weakness possible to a target at 0.8530. “Decisive” means a break by a long red candlestick that closes near its low or a break by three consecutive red candlesticks. 4-hour Chart The 4-hour chart shows that a bearish M-shaped Double Top pattern formed at the highs of April 22-23. The pattern subsequently broke below its neckline and plummeted.
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