EUR/GBP is in a downtrend with odds favoring a continuation lower whilst a heightened chance in the short-term the pair might pull back first.
EUR/GBP has hit the key downside target for its range breakout. The Relative Strength Index has fallen into the oversold zone. The technical picture suggests the pair is in a bearish trend but risks pulling back in the short-term. EUR/GBP has broken out of a range and fallen to a key downside target based on the breakout. The achievement of the target suggests a risk that the pair may bottom out and rotate higher in a pullback.
Price has reached both the conservative and main target for the breakout from the range that evolved during 2024. The main target lies at 0.8452, the 100% extrapolation of the height of the range lower. The Relative Strength Index is oversold, suggesting the downtrend may be overstretched and that short-holders should not add to their positions. It also increases the probability of correction higher unfolding.
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