EUR/GBP Weekly Outlook: Implications of Recent Support Break

Saturday, 13 July 2024, 09:36

EUR/GBP's recent break of the key support level at 0.8396 indicates a continuation of the downward trend. The outlook for the upcoming week suggests a bearish bias, with the next target identified at 0.8360 followed by a potential further downside to 0.8275. However, a possible shift in sentiment could occur if the resistance level at 0.8421 is breached, temporarily neutralizing the bearish scenario.

Actionforex — EUR/GBP Weekly Outlook: Implications of Recent Support Break

EUR/GBP Weekly Outlook

Key Points:

Support Break: EUR/GBP breached the critical support level at 0.8396.
Downward Trend: Resumption of the larger downtrend in focus.
Target Levels: Next targets set at 0.8360 and potentially 0.8275.
Upside Potential: Resistance at 0.8421 could signal a shift in bias.

The recent developments in the EUR/GBP pair indicate a bearish outlook with the potential for further downside movement in the near term.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

EUR/GBP Weekly Outlook

Key Points:

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