EUR/GBP Will Likely Bounce Off 0.8330

EUR/GBP has been consolidating above the support at 0.8330 for two weeks now and in the process of that consolidation the pair has formed multiple doji and spinning top candlesticks on the daily time-frame, as well as a doji candlestick and a spinning top candlestick on the weekly time-frame, all above the aforementioned support level. A new move to the upside is quite possible , with its first target being the resistance at 0.8450, and a breakout above that resistance will likely lead to a further move to the upside towards the next resistance level at 0.8560, which coincides with the (MA)89 indicator on the daily time-frame. On the other hand, should the move to the downside continue we can likely expect a new drop towards the next support level at 0.8200.