EURGBP in Consolidation
As you see in the chart, price is bouncing in a consolidation zone, after dropping sharply.
Obviously, we should wait for the sideway zone to be broken first:
1. Since the main trend is a downtrend, if the support level broken out to the downside, we can expect a further drop around 0.83 which is the next major low and also a support level.
2. On the other side, it seems like price is making a reversal pattern, and if it breaks the consolidation area to the upside with a bullish candle closure above this zone, we can expect a rise towards two possible targets: 0.8475 and 0.8530
Obviously, we should wait for the sideway zone to be broken first:
1. Since the main trend is a downtrend, if the support level broken out to the downside, we can expect a further drop around 0.83 which is the next major low and also a support level.
2. On the other side, it seems like price is making a reversal pattern, and if it breaks the consolidation area to the upside with a bullish candle closure above this zone, we can expect a rise towards two possible targets: 0.8475 and 0.8530
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