EURGBP Technical Analysis: A Bearish Outlook
Given the bearish euro sentiment in the FX markets today, the EURGBP currency pair is expected to continue its downward trend towards the next support level at 0.8360.
The EURGBP recently reversed from a key resistance zone, comprising the strong resistance level of 0.8430, the upper daily Bollinger Band, and the 38.2% Fibonacci correction of the downward impulse from August. This reversal marked the end of the previous waves c and ii.
The clear daily downtrend and the prevailing bearish euro sentiment in the FX markets indicate that the EURGBP currency pair is likely to decrease further towards the next support level at 0.8360.
EURGBP Technical Analysis
Disclaimer: The information provided in this article represents our analysis and does not constitute financial advice. We recommend seeking independent professional advice or conducting your own research before making any financial decisions.
Source : financefeeds.com