EUR/GBP Retreats to Range Low, Sideways Trend Persists
The EUR/GBP pair has declined to the base of its six-week range, indicating a potential short-term consolidation phase.
Technical Analysis:
- Range-Bound: The pair is likely in a short-term sideways trend, with the 0.8311 level acting as strong support.
- Downside Risk: A decisive break below 0.8311 could signal a resumption of the medium and long-term downtrend, potentially leading to a decline towards the 0.8240 level.
Conclusion:
While the current downward movement could continue, a bounce off the 0.8311 support level is also possible. Traders should monitor price action and technical indicators for signs of a trend reversal or continuation. A cautious approach is advised, with a focus on risk management.