EUR/GBP is depreciating to the support trend line of the channel with height of 290 pips within the consolidation. At the same time the pair managed to break out below the support zone between 0.8730 and 0.8750 marked on the W1 time frame screenshot in light purple.
We should watch closely in which direction there will be a breakout of the trend channel.
In the first scenario there will be a breakout below the support trend line. Should that occur I think we can expect a depreciation to 0.8350 – 0.8300.
Should the pair rebound from the support trend line and start rallying to the resistance trend line of the channel we should watch for a test and a breakout above the local high at 0.93061 from 29th August 2017.