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EUR/GBP Price Analysis: Continues to decline towards the next downside target

  • 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

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