EURGBP Technical Overview today
There is a minor resistance at 0.8654, which remains intact. As a result, further decline is expected with a target support level at 0.8568. The recent rebound from 0.8491 might have been completed after being rejected by the 0.8700 resistance level. If 0.8568 is broken, a retest of the 0.8491 low could be seen. However, if the price surpasses the minor resistance at 0.8654, the intraday bias will turn neutral.
Looking at the bigger picture, the current downtrend from the 2022 high of 0.9267 is considered part of a long-term range pattern that started from the 2020 high of 0.9499. A decisive break above the 0.8700 resistance level would suggest that the decline has been completed with a three-wave pattern down to 0.8491. In that case, the rise from 0.8491 would represent another leg within the pattern, with potential targets at 0.8977 and higher. However, if the price is rejected by the 0.8700 level, it would indicate that the downtrend is still in play and could lead to another decline below 0.8491 in the future.
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