EUR/GBP Is Dropping

The EUR/GBP steady move to the upside finally came to at least a temporary end when the pair reached a high at 0.8724, short of the previous high at 0.8768. The pair formed a shooting star candlestick below the resistance at 0.8724 and started dropping, although it stalled at the support at 0.8640 for a while. Currently the EUR/GBP pair is testing the support level at 0.8600. A breakout below that level will likely lead to a further move to the downside towards the next support level at 0.8550, which coincides with (MA)89 on the four-hour time-frame, and if the pair breaks out below that level as well next target will likely be around 0.8500.