EUR/GBP: Downwards Trend Could Continue
| Jan 28, 2022 09:40AM ET
Looking at the EUR/GBP chart, we can see that after reaching as high as 0.842, there was an immediate negative reaction that led to the gradual, consistent fall.
Initially, the pair fell to the first support base in the 0.836 regions, showing signs of consolidation. Ultimately the 0.834 support was broken, and the pair fell further below.
It is currently found trading at 0.8314 between having temporary support at 0.831 and overhead resistance at the 0.834 level.
Today we could expect a continuation of the downward trend, falling further below the 0.831 as negative momentum may be at play.
If it manages to hold above the 0.831 range, then a move towards the 0.834 overhead resistance could be expected.
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