The EURGBP pair has succumbed to downward pressures, influenced notably by the formidable resistance level at 0.8630 and major indicators signaling negative momentum. As a consequence, the pair has embarked on a new downward trajectory, reaching 0.8553.
Analysts anticipate a continuation of the bearish trend, with the pair poised to test the 38.2% Fibonacci correction level at 0.8530. A breach of this level is expected to intensify the decline, setting the stage for further negative movements targeting key support levels. Initial targets include 0.8485, followed by a more significant objective at 0.8400 over the medium-term horizon.
Today’s projected trading range is anticipated to fluctuate between 0.8590 and 0.8485, underlining the prevailing bearish sentiment in the market.
In summary, the overall trend for the day is expected to be bearish, reflecting the current negative outlook for the EURGBP pair amid resistance and downward momentum.