SMHuss3

EURGBP- Short move, then possible bounce or break

FX_IDC:EURGBP   Euro / British Pound
24 0 3
Monthly: Price is currently at a level of previous Resistance, which may act as support. It is KEY ZONE, because either a break or bounce may occur.

Price crossed below the 200MA indicating bearish bias

Weekly: since mid 2009 lower lows and lower highs formed. However since march pair in a bit of consolidation. Therefore, If pair does breakout to the downside, it may be rather explosive

Daily: MA crossing over to downside.

Likely move now is a third touch of the trendline , as indicated by the red arrow. If broken, new lows to be expected with immediate target being the round number of 0.7000, then 0.6950, which is the -27% fib level.

However, if the trendline holds, then price may move back up to give a third touch in the descending trendline ( triangle pattern ), as shown by the blue arrow.
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