Since September 29 EURGBP moves in a downward channel. The upper limit of the channel was already tested three times. Lower limit of the channel two times. Today price has rebounded from the level 0.7424 and headed down. The nearest support is at 0.7377. After break below this level target of falls will be at resistance 0.7335, and then the lower limit of the downward channel 0.7320.
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Wider view, time-frame D1
Since mid-July EURGBP moves in an upward trend, and the current consolidation took the form of flags. Flag formation gives a better chance of continuation of a trend and that means upward movement. If it happens nearest resistances are on levels 0.7480, 0.7550, 0.7590. Alternatively, if there has been a breakout down supports are on levels 0.7240, 0.6970.
