DailyBubble News
DailyBubble News

Chart of the day: EURGBP

The EURGBP broke long term support recently, signaling potential further losses for the Euro against the British Pound. The Euro faced significant challenges over the weekend, weakening not just against the US Dollar but also other currencies. The breakdown of key support levels for the EURGBP, which had been holding strong since the summer of 2023, is a cause for concern. This breakdown of the year-long consolidation raises the risk of more losses, especially with upcoming UK jobs data and the Bank of England decision next week.

Immediate downside targets for the EURGBP are at .8440 and .8404, with a long term target of .8333, which is the 88% retracement level of the 2022 range. The technical chart shows the recent breakdown in support and the potential for further downside movement. Investors and traders will be closely watching for any developments that could impact the Euro against the British Pound in the coming days and weeks.

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