EUR/GBP: Pulling-Back After Touching Range Lows
Forex4you | Jun 25, 2015 06:53AM ET
The EUR/GBP pair has pulled-back after touching support from the range lows at 0.7070.
It has corrected back in a vague a-b-c move, rising up to almost the down-trend line drawn from the June 9 highs.
The move down from the June 9 highs established a mini-down-trend within the sideways consolidation, which remains intact, and could continue lower.
There is still a possibility of a resumption down to retouch the 0.7075 lows, but confirmation would be less certain and require a break clearly below the 0.7075, including a 20-point margin, so below 0.7055 for more confirmation, with a target at 0.6990.
Alternatively, a break above 0.7155 would probably signal a reversal of the mini-down-trend and the possible start of a recovery move higher to an initial target at 0.7236.
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