EUR/GBP Is Consolidating

EUR/GBP is clearly stuck in a very long-term sideways consolidation and the current movements are part of that consolidation. After the latest move to the downside the pair found some support at 0.8915 which is the (MA)89 indicator on the one-hour time-frame. What is more, the pair has formed both a hammer candlestick and an inverted hammer candlestick on the same time-frame above the aforementioned support level, not to mention that it has been moving above that indicator for about a week. It is very likely that it will bounce off from it once again and if or when it does there will probably be a new move to the upside towards the last high around 0.8965.