EUR/GBP May Bounce Off from 0.8665

Yesterday EUR/GBP moved sharply to the downside and almost reached the (MA)89 indicator on the weekly time-frame, which is at 0.8645. The pair bounced off from 0.8665 instead and in the process of doing so it formed a very impressive hammer candlestick on the four-hour time-frame, together with a pair of spinning top candlesticks. Such a candlestick is a signal for a likely move to the upside. If it begins the closest target will likely be around 0.8750. Obviously, if the pair continues moving to the downside the closest target would be the aforementioned (MA)89 indicator on the weekly time-frame at 0.8645.