By resumption of the descending movement, the pair EUR_GBP performs attempts to form a trend continuation in favor of the Pound. In doing so, the price must (would) work-off the correction level of 38.2%, not depending on which further scenario Euro-Pound will choose. MACD allows continuation of the moves downwards. But yet not clear, which one is forms; a correction in the limits of descending trend, or the market u-turn in favor of the Pound.
Analysis prepared by:
Maxim Dmitrievsky
Forex4you analyst