EUR/GBP has fallen to the floor of a multi-month range and broken decisively below on a 4-hour period closing basis.
EUR/GBP is breaking down out of a multi-month range it has been oscillating within since February. If price holds below the range lows it could lead to a substantial extension lower. A break back above the highs of the breakout candle would indicate the break was false. A close below the 0.8513 low of the candle that pierced through the floor would provide added confirmation of more downside.
The conservative target lies at roughly 0.8479 and the more optimistic objective at 0.8437. The Moving Average Convergence Divergence indicator is in the negative zone and looking a little oversold. If it crosses back above the signal line it could signal a recovery. Crosses of the MACD above or below its signal line have been a reliable indicator of oscillations in price during the unfolding of the range.
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