EURGBP
has been trading between .382 and .618 fib for the past month. After an attempt to breakout of the trading range on Jan 14, it was turned away to the 50 day MA where it currently sits. The reversal and downward slope of the MA signifies the potential for a further move to the downside. The first target is .382 fib or .847 (48 pips). The second target is .236 fib or .8396 (122 pips) which is also the top of the Nov-Dec channel.