EUR/GBP is bouncing once again off a long-term support floor at around 0.8500 and recovering.
Price has touched support at 0.8500 on multiple occasions. This reinforces the importance of the level. Should EUR/GBP eventually break below it, the decline is likely to be deep and strong. The support level is key to the technical outlook for the pair, for if EUR/GBP breaks decisively below it, it will lead to a volatile move down, that could extend quite far. Euro to Pound Sterling: Daily chart The 0.
How far is the move likely to go? The usual method for determining how far a move will go following a break is to take the height of the range that preceded the break and extrapolate it lower. In the case of EUR/GBP this is difficult, however, since price has not formed a neat and tidy range. To be conservative I have taken the height of the consolidation in February and March. The result is that should the price break below 0.8500 it will probably reach a target of 0.8418. The 0.
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