EUR/GBP Is about to Start Falling

In the last days of 2016 EUR/GBP was rallying intensely and before the market closed last week it reached a high of 0.8662, only to bounce off that level and to form rather impressive shooting star candlesticks on the four-hour, daily and even weekly time-frames. For now the pair is simply consolidating above the support at 0.8500, because unsurprisingly today the market lacks volatility, but those candlesticks are a clear signal for an impending move to the downside in the near future. If those signals prove to be valid then the first target the pair will reach once it breaks below 0.8500 will be at 0.8450, and a breakout below that level will probably lead to a further move to the downside towards the support at 0.8350.