EURGBP has been in a downtrend, starting from 0.8714, and the downside move has extended to as low as 0.8600. This indicates the prevailing bearish momentum in the pair.
Immediate resistance is identified at 0.8639. As long as this level holds, the downside move could be expected to continue. The next target for the pair is suggested to be around the 0.8580 area. Traders should closely monitor the price action around these levels for potential support and a potential bounce.
However, it is important to note that a break above the 0.8639 resistance level could signal a potential completion of the downtrend. If the price manages to break above this level, it would indicate a shift in momentum and a possible reversal in the pair’s direction.
