EUR/GBP Price Analysis: Downtrend resuming

The correction from the June 14 lows appears to have finished.
EUR/GBP continues descending as the intermediate downtrend resumes.
The pair now targets 0.8399.

Joaquin Monfort FXStreet

EUR/GBP is resuming its medium-term downtrend after the correction higher from the June 14 lows appears to have peaked and rolled over.

Given “the trend is your friend” more weakness is foreseen.

EUR/GBP Daily Chart

A break below 0.8431 (July 8 low) would provide added bearish confirmation of an extension of the downtrend lower to the next target at 0.8399, the June 14 low.

Author

Joaquin Monfort

FXStreet

Joaquin Monfort is a financial writer and analyst with over 10 years experience writing about financial markets and alt data. He holds a degree in Anthropology from London University and a Diploma in Technical analysis.

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