This is a follow up to the trade posted last week and indeed that 0.8850 level proved to be a level of interest, taking it up from that price level and then closing below that level for the last 3 days and breaking the Daily trendline bearish with a shooting star on the Weekly chart. As mentioned in my initial post this pair has very much been moving in a 550p range this year. A confirmed break below 0.8725 could take the pair down to the bottom of the consolidation on a longer term. If the top of the weekly shooting star is taken out it would be a bullish sign and can take us up to the 0.92 resistance area. However, take note of the GBP taking out a resistance against the Dollar on Friday.

EURGBP - FOLLOW UP - 15 JULY

Source: QUEEN OF POUND

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