EUR/GBP Continues Consolidating

The long-term sideways consolidation of the EUR/GBP pair continues, but that said, the pair is currently at something of a crossdroads. EUR/GBP reached a low at 0.8665, which coincided with the (MA)89 indicator on the weekly time-frame and bounced off from it, forming a clear doji candlestick at that level on the daily time-frame and a hammer candlestick on the weekly time-frame, then moved to the upside to 0.8800. There the pair formed another telling candlestick, namely a shooting star one, this time on the daily time-frame. This candlestick is indicative that there may be a new move to the downside, likely towards the last support at 0.8865. The pair could continue falling if it breaks out below it, and its next target would be around 0.8600.