After a period of consolidation, this market has now broken lower with a daily close below it’s 200-day MA at .8843 and a break below the previous low at .8829. Further losses are likely but the market is getting quite oversold (already over 100 pips below it’s 15-day MA) so chasing the market lower at these levels is not advisable. It is preferable to sell into any short-covering rallies back towards .8950/.9000. This move as it matures is expected to take EUR/GBP back down to test previous support at .8450.
