- EUR/GBP is falling towards its next downside target at the July 8 low.
- The pair is in a short- to medium-term downtrend with odds favoring a continuation.
EUR/GBP is steadily falling step by step in a short-term downtrend that started after the pair filled the gap created on June 10 and reversed. Since “the trend is your friend,” it will likely continue. The medium-term trend is also bearish after the break below the trend line in late May.
EUR/GBP 4-hour chart
The next stop on the downside is 0.8431 (July 8 low), and a break below that level would provide further bearish confirmation of an extension of the downtrend towards the next target at 0.8399, the low of June 14.
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.
