FX.co ★ EUR/GBP

For the EUR/GBP pair today there is a clearly expressed bearish signal, and this is true on all three main timeframes on which I track Envelopes: hourly, four-hour, and daily. The resistance zone is the area bounded by the levels 0.8566 - 0.8584, and as long as the price remains below this resistance zone, we can only expect an acceleration of the price decline in EUR/GBP. The target for such a decline will be the support zone at 0.8479 - 0.8495, which corresponds to a deviation of exactly -1% from the regular 55-day moving average. Such a deviation is the limit at which the flat regime around the 55-day moving average is still preserved, and therefore, with a high degree of probability, from the 0.8479 support we can already get a reversal to the upside.