EURGBP might correct soonposted by genuinelyFX at 11/11/2015 - 18:09 GMT
Euro has dropped against the pound for almost a month now, reversing from 0.7493. Right now there is an impulsive move which could see a correction from 0.70 area.
We had a similar move in April 2014, and we expect the price to do the same from 0.70 support area.
On a daily basis, we see price ranging between 0.75-0.70. A correction could start from this lows.
Weekly, the chart downtrends inside a channel starting from 2008. Even though price touched the lower band, we can still see a move lower long term, possibly to pre-2007 lows around 0.66 area
Right now, the trend is down. Every bounce could be limited. Trade safe!