UPDATE as of 02.22: The recent price movement lower of the GBPUSD to 1.5695 and a steadier EURUSD above the 1.3180 MA price level have actually gave support for the EURGBP cross to accelerate beyond the resistance and trading range high of 0.8402. Currently working as of this writing at 0.8428 initial breakout price would have minor pullbacks on a session to session basis since this is the first re-test beyond the 0.8400/05 resistance (R1). While the technical mid-term outlook would be equal to +/- the length of the consolidation range as long as volumes would warrant such rally alongside with the EURUSD outpacing the GBPUSD for that matter. A follow through is necessary, again supported with volumes and enough momentum after a correction from this initial penetration. Otherwise, a failed follow through may lead to a major corrective move. But the only confirmation would come from the USDx price levels. For now the USDx is at 79.22 and we still have a couple of trading days left. The price range to watch for the US Dollar index is till 79.50-/0.05/10 basis point. Pls visit http://megatrade101.com/megatrade101/market-snap-shot
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