The EURGBP pair has experienced a series of adverse closures beneath the 0.8695 barrier, signaling a descent below the MA55 and settling close to 0.8595. This trend solidifies the surrender to the prevailing bearish bias.
Presently, key indicators underscore the negative momentum, with the 0.8635 level attempting to establish an additional barrier, indicative of the imminent formation of a robust negative onslaught. This downward pressure aims to exert force on the 38.2% Fibonacci correction level situated at 0.8530. A breach of this level could potentially extend the losses towards 0.8490 and 0.8445.
The projected trading range for the day is expected to fluctuate between 0.8620 and 0.8500.
In summary, the overall trend expectation for today leans bearish, with the potential for a strong negative move as indicated by the technical factors. Traders are advised to exercise caution and closely monitor key support and resistance levels for potential shifts in market dynamics.