EUR/GBP: testing trend-line, potential for more downside

EUR/GBP has been rising in a corrective channel, which has reversed the very short-term trend from bearish to bullish, however over the past 24-hours it has started to breakdown, and is now testing the trend-line on the 4-hour chart which I have shown below.A break below that trend-line would be a sign that the v.short-term trend was probably reversing. A move below the current day lows at 0.7264 would probably definitively signal such a breakdown, generating a target at the 61.8% extrapolation of the height of the peak prior to the break to the downside, at 0.7205.Alternatively it is possible that the current pull-back is merely an a-b-c correction of the up-trend, which should soon resume. A break above the highs at 0.7383 would provide confirmation of such a move, with a target, then at 0.7450.


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