We’ve observed that the EURGBP is on a downward progression, having fallen from 0.8714 to reach a low of 0.8535. With current trends as they are, there’s a likelihood that we may see further decline in the coming days.
Market observers should set their sights on the 0.8500 area, as it’s the next potential target. Dipping below this level could lead to a new aim in the region of 0.8470.
Resisting this decline, the gift of upward momentum, is centered at the falling trend line on the 4-hour chart, which presently serves as our point of resistance. A breach of this trend line resistance has the potential to push the price back towards the 0.8592 resistance mark.