- EUR/GBP is falling towards its next downside target at the June 14 low.
- It is in a short- and medium-term downtrend with probabilities favoring a continuation downwards.
EUR/GBP is steadily falling in a short-term downtrend. Since “the trend is your friend,” it will likely continue to reach 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 trend line at the end of May, which decisively reversed the trend that had until then been sideways.
A break below Thursday’s low at 0.8414 would add confirmation of a drop towards 0.8398. At that key support level, the pair could potentially bounce, although it is at risk of falling further after any upside pullback has run its course.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
