EUR/GBP is rejecting the downtrend trendline and does not seem to plan to go any higher. Although the pair is above 200 Moving Average, the previous resistance near 0.8600 hasn't been broken yet.
Overall, it is very likely that the pair will continue to decline towards the nearest downside target at 161.8% Fibs retracement (0.8393) applied to the last corrective wave up.
Consider selling EUR/GBP at the current rate (0.8547) targeting 0.8393. Suggested stop loss is above 0.8600.
Support: 0.8460, 0.8393
Resistance: 0.8570, 0.8600
From www.instaforex.com http://ift.tt/2fH34Nk
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