The EUR/GBP currency pair is experiencing significant losses, primarily driven by persistent negative pressure as it continues to consolidate within a bearish channel. The price has fallen below the critical support level of 0.8400, reaching as low as 0.8310. Despite this decline, there are signs of potential corrective waves, aided by the stochastic indicator’s attempt to exit the overbought territory.
Trading below the additional resistance level of 0.8360 suggests further negative momentum could be on the horizon, potentially targeting the 0.8280 level in the near term. Conversely, if the price manages to breach the 0.8360 barrier, it may delay the bearish outlook and provide an opportunity to retest the 0.8400 level before revisiting further negative targets.
The expected trading range for today is between 0.8285 and 0.8360.
Trend Forecast: Bearish
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