Continues declining towards next downside target – Crypto News – Crypto News
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EUR/GBP struggles around 0.8660, upside remain favored on hawkish ECB bets EUR/GBP struggles around 0.8660, upside remain favored on hawkish ECB bets

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Continues declining towards next downside target – Crypto News

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2 years ago

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  • EUR/GBP is falling to its next downside target at the June 14 low.
  • It is in a short and medium term downtrend with odds favoring a continuation lower. 

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 

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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