EUR/GBP Is Still Very Bearish

EUR/GBP is still quite bearish after it formed an impressive double top at the resistance at 0.9307 and bounced off from that level. The move to the downside continued until the pair reached some support 0.8780 and formed an inverted hammer candlestick at that level on the weekly time-frame. Despite that candlestick the pair is still very bearish and is attempting to break out below the aforementioned support at 0.8780. If the breakout is confirmed there will likely be a further move to the downside towards the next major support at 0.8480, which is the (MA)89 indicator on the weekly time-frame. Alternately, if EUR/GBP bounces off from 0.8780 it may climb back to 0.8900.