EUR/GBP Price Analysis: Continues Declining Towards Next Downside Target

​​​​​​​EUR/GBP is steadily falling in a short-term downtrend. Given “the trend is your friend” it will probably continue until it reaches its next downside target at the level of the June 14 low at 0.8398. 

 

EUR/GBP Daily Chart 

(Click on image to enlarge)

The medium-term trend is also bearish after the break below the trendline in late May decisively reversed the trend which had hitherto been sideways. 

A break below Thursday’s low at 0.8414 would add confirmation of a decline towards 0.8398. At that key support level the pair could potentially bounce – although it is at risk of going even lower after any pullback higher has run its course.


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