EURGBP Market Analysis: Extended Downside Movement
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EURGBP has been on a steady downtrend, exhibiting extended downside activity from the 0.8714 mark.
Extended Downside Movement and Continued Trend
The EURGBP has extended its downside movement from the previous 0.8714 mark to reach lows of 0.8512. The price remains below the falling trend line captured on the 4-hour chart.
Future Expectations: Potential Continuing Downtrend
As long as the price stays beneath the downward trend line on the 4-hour chart, we can expect the downside movement to further continue. Following this trajectory, the next target could shape up at the 0.8500 level, with the subsequent aim situated around the 0.8470 zone.
Resistance at the Falling Trend Line
The immediate resistance for EURGBP aligns with the falling trend line on the 4-hour chart.
Possible Break of the Trend Line Resistance
A breakthrough above the trend line resistance could potentially steer the price back towards the 0.8563 resistance. If this level is overcome, the next resistance to test could be at the 0.8592 mark.
In conclusion, EURGBP’s trading trajectory suggests a sustained downtrend, guided by the falling trend line indicator. The key resistance and target levels identified will be of significant interest for traders monitoring this pair.
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Disclaimer: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only ...
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