The Euro has been rangebound against the British Pound for a number of months. The latest reaction from the upper boundary; at the 200-day moving average, puts the basing hypothesis under the microscope. The single European currency points towards the floor area at £0.7867, which is close to the 2012 platform at £0.7755. A breach would renew the downtrend from the 2013 ceiling near £0.8800.
Season's Greetings! Normal service will resume in the New Year.