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- EUR/GBP Price Analysis: Step-declining towards next support level
EUR/GBP Price Analysis: Step-declining towards next support level
- EUR/GBP is falling towards its next downside target at the July 8 low.
- The pair is in a short and medium-term downtrend with odds favoring a continuation.
EUR/GBP is steadily falling step-by-step in a short-term downtrend that began after the pair filled the gap created on June 10 and rolled over. Given “the trend is your friend” it will probably continue. The medium-term trend is also bearish after the break below the trendline in late May.
EUR/GBP 4-hour Chart
The next stop lower is 0.8431 (July 8 low), and a break below that would provide added bearish confirmation of an extension of the downtrend lower to the next target at 0.8399, the June 14 low.
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