EUR/GBP Is Testing the Support

EUR/GBP eventually reached the resistance at 0.8100 that was visible on the monthly time-frame and predictably bounced off that level, retracing back to the support at 0.7970, coinciding with (MA)89 on the four-hour time-frame. Currently the pair is still testing that support level and I think it will likely break below that level. Should it manage to do so, it will probably continue falling towards the next support level at 0.7930. I think that it is unlikely for the retracement to stop there, however, so it if it does break below 0.7930, the next zone of support is around 0.7800 – 0.7760. Having this in mind I am keeping my short positions open for now.