EURGBP SELL

EURGBP

his pair has been in a downtrend since late December 2023, with consistent lower highs and lower lows leading to a 2.5% plunge from peak to trough. It fell to a six-month low earlier this week before bouncing off a technical floor at 0.8500.

For a positive shift in market sentiment towards the euro against the British pound, it's crucial for the exchange rate to remain above 0.8500. If prices fall below this mark, there's a possibility of a rapid descent towards channel support at 0.8465, followed by further losses directing attention to 0.8400.

If we can see a drop in price that breaks through this area there is a great chance that we could see price create a lower low in price.

Alternative Scenario:
If the price bounces at this level and breaks the highs, the uptrend will continue.