The EURGBP has charted a sideways move over the past few days, framed by a trading range from 0.8586 to 0.8620. Until the 0.8620 resistance cap is breached, this horizontal drift can be interpreted as a consolidation phase of the downtrend originating from 0.8714.
If the pair dips below the 0.8586 support level, it could signal a resumption of the downtrend, with the spotlight then shifting towards the 0.8570 target, followed by the previous low of 0.8548.
On the flip side, a successful climb above the 0.8620 resistance would hint that the downward phase has wrapped up. The pair would then look north, aiming to reach the next resistance lodging at 0.8639.