FX forecast / EUR/GBP / Our expectations
The pair is moving in long-term wide consolidation. The price reached a few times the resistance and the support, but did not managed to break above or below the zones, which makes them strong. At the moment, the price is at the horizontal resistance and FiBo 38.2. Fake breakout of the zone of support and afterwards the price goes below again - negative signal. Technical indicator: CCI(50) - In zone of overbought, if breaks below level 100, the negative sentiment will strengthen.
Alternative scenario: If the price breaks above the zone of support, the pair will exit from the consolidation and the negative scenario will be dismissed.
Trader Bozhidar Arabadzhiev
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