EUR/GBP finds support at the June 14 lows and consolidates.
EUR/GBP has fallen to a tough support level and stalled. The pair remains in a short and medium-term downtrend with some bullish signs complicating the picture. The pair has been in a downtrend after breaking out of a sideways consolidation or wedge pattern which formed between February and May. EUR/GBP Daily Chart The June 14 low at 0.8398 will probably provide robust support and it is possible the pair could undergo a reversal using the level as a launchpad higher.
Candlesticks, however, are more reliable as short-term signals. EUR/GBP is converging bullishly with the Relative Strength Index between the June 14 and July 17 lows. This is also a potentially bullish sign. This happens when price makes a new low, as it did in July, but the RSI does not also make a new low. This indicates a lack of bearish momentum, and can be an early warning sign of a reversal in the trend.
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