The EUR/GBP Bullish Trend Is Stalling

EUR/GBP has been moving sharply to the upside in the past months, but it appears that the strong bullish trend might pause for a while because the pair reached the resistance at 0.9300 and bounced off that level and more importantly, it also formed a very well-defined doji candlestick on the weekly time-frame below that resistance. If this signal is valid then the move to the downside will probably continue, especially if the pair breaks below the support at 0.8900. Should that happen we can expect a further move to the downside towards the next support level at 0.8530, which coincides with (MA)89 on the daily time-frame.