Looking at the EUR vs GBP normally I would be inclined to prepare for a bounce at support but with the ongoing issues between Greece and it's European creditors this pair could become unstable. The pair is approaching it's previous low of March at .70140 for the second time since finding support at this level. Normally I would be inclined to look for price to bounce from this resistance level
but with the possibility of Greece departing from the euro
this would cause the euro
to depreciate beyond any previous support levels. With that said I still must look at the technical aspect of the pair since pure technical analyst is only concerned with price movements, not with the reasons for any changes. Overall the EUR vs GBP has been in a fall since 8-2-13 from .87693 before finding support at .77872 and resting for about four months and finally dropping to the March low at .70140 as mentioned before. As price gets closer to the support zone
shown between .70140 and .70565 expect to see unstable price action
and indecision candles as we await a possible outcome between Greece and it's European creditors. Visit me at http://www.fxatoneglance.com
and have a great trading week. God bless!