EUR/GBP Faces Risk Of More Price Weakness

Forex Trades • Oct 29, 2019 at 9:36 AM EDT

EUR/GBP faces further bear threats as it looks to extend its broader medium-term downtrend in the days ahead.

On the downside, support stands at the 0.8600 level where a violation will turn focus to the 0.8550 level. A break below here will aim at the 0.8500 level. Its daily RSI is bearish and pointing lower suggesting more decline.

Conversely, resistance lies at the 0.8650 level. A violation if seen will turn risk towards the 0.8700 level.

Further up, resistance comes in at 0.8800 level followed by the 0.8850 level. All in all, EUR/GBP remains biased to the downside on further bear threats.

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