As Pound Sterling Broke Out Will EURGBP Trend Further Down?

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During the previous trading weeks, the market continued to slowly move in a downward direction within the yellow channel. At the time of writing, the price came to the lower bound of this channel.

If in the near future the support level of 0.841, which is on the lower yellow bound, is broken, the market may continue to move down in a bearish trend towards the next large support level of 0.807, which is on the lower wall of the green channel.

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However, if the bulls manage to raise the price to the upper green bound and the resistance level of 0.852, this could put the bearish trend at risk. In case of a break above the level of 0.852, the downward scenario will be canceled.

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