EUR/GBP Is Consolidating

EUR/GBP is still testing the resistance at 0.8525, which coincides with the (MA)89 indicator on the four-hour time-frame. What is more, the pair has formed multiple candlesticks on the same time-frame at that resistance that indicate an impending move to the downside. Obviously we find ourselves in the unpleasant but quite common situation when we see contradicting signals on different time-frames, as the signal for a move to the upside on the daily time-frame is still valid. The situation is further complicated by the fact that in the next hour and a half the interest rate of the European Central Bank will be released and after that its President, Mario Draghi, will hold a press-conference. Under these circumstances the most prudent thing to do is to wait and see how the news will affect the market and this pair in particular.