EUR/GBP May Continue Falling

It is obvious that EUR/GBP has been consolidating sideways for quite a long time now, ever since the pair reached a high at 0.9305 back October 2016 and bounced off from it. For all this time the pair has reached that high just once more – in August last year and it bounced off from it again, forming an obvious double top on both the weekly and monthly time-frames. Despite that double top there has not been a significant movement to the downside below the aforementioned sideways consolidation and the pair is still above the (MA)89 indicator on the weekly time-frame, as it has been since its initial rally all those months ago. 

It has now, however, finally reached that indicator at 0.8660 and it is testing that support. The question is whether it will be able to break out below it. If it does there will probably be a considerable move to the downside, but if it bounces off from it the sideways consolidation will obviously continue for now.