EUR/GBP - EUR/GBP Plummeted and Reached Our Target at 0.8925 - 09/15/2017 (GMT)

The Euro has fallen heavily against the British pound as it plummeted more than 2.5% so far, this weekly period, creating a two-month low at 0.8866. It is worth to mention that the EUR/GBP pair is snapping the four-month winning streak and is creating a strong bearish month. Also, the price reached our recommended target at 0.8925 (see technical analysis here: http://bit.ly/2x1XK1q) and slipped below the 38.2% Fibonacci retracement level as well as the 100-day SMA.

From the technical point of view, on the daily timeframe, the RSI indicator dropped below the 30 level and entered into the overbought zone. In addition, the MACD oscillator slipped below the zero line and is strengthening its momentum to the downside.