EUR/GBP Will Likely Start Climbing Again

After EUR/GBP reached the resistance at 0.7945 and bounced off of it, the pair started falling and eventually reached support at 0.7840, which coincides with (MA)89 on the four-hour time-frame. Here the pair has formed an inverted hammer candlestick and it is very likely that it will start moving to the upside again so it can test the aforementioned resistance at 0.7945 which it hasn’t been able to break above for six weeks now. On the other hand, if the signal for a new move to the upside proves false and the pair breaks below 0.7840, we can likely expect it to fall towards the next support at 0.7700.