Looking at the EUR/GBP 4-hour chart, we can see that the pair changed direction, moving out of the 0.853 range to the 0.865 range, setting a monthly high in the process.
However, the pair did not consolidate and wiped out all the gains in the week that followed. This was a 2% drop from the high of 0.865 to the current support level of 0.848.
Currently, it is trading near its temporary support level, trying to consolidate at the 0.849 price range.
EUR/GBP 4-hour price chart.
Today, we could expect a fall below the support level 0.848, paving a way towards the next support of 0.845, where the pair could rebound.
If, however, manages to hold on to the current level and consolidate above the support level, we could expect a move towards the 0.8515 resistance level.