EUR/GBP Faces Further Consolidation Threats

EUR/GBP may be vulnerable to the downside but still trapped in a trading range. On the downside, support stands at the 0.8400  level where a violation will turn focus to the 0.8350 level. A break below here will aim at the 0.8300 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Its daily RSI bearish and pointing lower suggesting further decline.

Conversely, resistance lies at the 0.8500 level. A violation if seen will turn risk towards the 0.8550 level. Further up, resistance comes in at 0.8600 level followed by the 0.8650 level. All in all, EUR/GBP remains biased to the downside but with caution. 

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