FX.co ★ EUR/GBP in down channel

EUR/GBP 0.8652 As Next Target!

The currency pair is located at 0.8669 at the time of writing. As you can see on the H1 chart, the rate is trapped within a down channel pattern. As long as it stays below the downtrend line, the rate could approach and reach new lows.

From the technical point of view, its failure to reach and retest the downtrend line announced strong selling pressure.

EUR/GBP Trading Conclusion!

Testing and retesting the downtrend line may announce a new downside movement. 0.8652 is seen as a potential target and downside obstacle if the rate drops deeper. A larger drop could be activated if the rate drops below this level.