Weekly chart of EURGBP shows bearish trend which lasts since the end of 2008. Last strong bearish move which is in power since August 2013 ended with correction which took the form of rectangle.

Price oscillated then between levels 0.6950-0.7475. It reached to lower band three times and formed triple bottom, and in the end of last bearish move we saw exhausted gap which often happens in the end of trend and then there is an upward move. The same was in this case. Since showing of the gap, EURGBP was decreasing for a week and then grew constantly for 8 more weeks.

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In the meantime line of bearish trend was broke (formed by tops since July 2013) and also resistance at 0.7475, which is upper band of consolidation.

Currently bulls have to fight with another bears army at 0.7765 which was great support earlier. Stronger resistance is at 0.8004, in this area previous range of rectangle ends.

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