The EUR/GBP pair has been under heavy buying pressures on Thursday and initially on Friday, 5th and 6th of November 2015, with the bulls leading the price from as low as 0.7041 to as high as 0.7195.
Subsequently, the pair fell on Friday down to 0.7108, showing signs of indecisiveness, to finally consolidate between 0.7146 and 0.7123. Taking into consideration that there is a significant amount of support below, the price could break above the top of the candlestick at 0.7146, and rise up to 0.7195 and 0.7240 respectively.
Alternatively, in the event that the price breaks below 0.7120, as there is also considerable resistance, the price could travel down to 0.7100 and 0.7041 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.