EUR/GBP has corrected back after bottoming on June 14 at the 0.8398 lows.
EUR/GBP is correcting in a medium-term downtrend. It has moved up to partially fill a price gap and will probably eventually fill the rest. A break below the June 25 low would signal a resumption of the dominant downtrend. The pair appears to be in a medium-term downtrend which, given “the trend is your friend” is likely to resume once the pull-back runs out of steam. A break below 0.8431 would signal such a resumption.
EUR/GBP Daily Chart The initial target for a move down would be the 0.8399 June 14 low. The correction may still pull higher, however, as it has pulled all the way up to a gap . Gaps are normally filled eventually and there is, therefore, a risk of more upside evolving as price fills this gap. EUR/GBP 4-hour Chart The top and bottom points of price gaps tend to represent support and resistance levels for price. As such, if price does fill the gap and reaches the top at 0.
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