Despite the sharp fall we seen last week , outlook in EURGBP remains neutral with risk to the downside , sideways move remains likely this week , support comes at the 0.7873 levels , to resume the downside offensive , sustained trading – weekly closing – below the 0.7873 levels is needed , If seen , next support will be the 0.7785 levels , a halt is likely , but further losses will pave the way towards the 0.7595/0.7430 levels…
On the upside , stability above the 0.7873 levels could push the pair higher towards the 0.8065 levels , a halt is likely , but a break would open the 0.8160 levels before the next fall…….
In all , large consolidation moves are likely above the key support 0.7873 , but upside move above the 0.7873 levels should be limited strongly by the 0.8065/0.8160 levels…
Time Frame : Weekly
Bearish Mode : Below 0.7873
Recovery Mode: Above 0.7873
Bullish Mode : Above 0.8160