EUR/GBP outlook: the pair is currently correcting higher

FXOpen Broker Team FXOpen

The Euro started a major decline from the 0.8650 resistance against the British Pound. The EUR/GBP pair broke the 0.8630 and 0.8600 support levels to enter a bearish zone.

There was even a close below the 0.8600 support and the 50 hourly simple moving average. The pair traded as low as 0.8568 and it is currently correcting higher. On the upside, there are many hurdles near 0.8590 and 0.8600 on FXOpen UK.

There is also a major bearish trend line in place with resistance at 0.8592 on the hourly chart. If the pair fails to move above the 0.8590 and 0.8600 resistance levels, it is likely to resume its slide below 0.8570 in the near term.

The next key supports are near the 0.8560 and 0.8555 levels. Conversely, an upside break above

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FXOpen Broker Team

FXOpen

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