The EURGBP currency pair is currently on a downward trend and is expected to continue falling towards the next support level at 0.8500. This movement comes after the pair reversed down with a daily Bearish Engulfing candlestick pattern from the key resistance level of 0.8630. The pair is currently in a minor ABC correction 2 within the extended C-wave from December.
With the clear daily downtrend and positive sentiment towards the sterling in the FX markets, it is likely that the EURGBP currency pair will continue to decline towards the next support level at 0.8500, which has historically acted as a reversal point since August. It is important to note that the views expressed in this article are solely the author’s and do not reflect those of FinanceFeeds or its editorial staff. It is always recommended to seek professional advice or conduct independent research before making any financial decisions.