EURGBP Bearish trend continuationThe EUR/GBP currency pair remains in a bearish trend, with price action aligning with the longer-term prevailing downtrend. However, short-term moves could see a corrective bounce before resuming the dominant trend.
Bearish Scenario:
The key level to watch is 0.8274, which serves as a crucial resistance zone.
A potential oversold rally toward 0.8274 may result in a bearish rejection, reinforcing the downside trend.
If selling pressure resumes from this level, the next targets are 0.8240, followed by 0.8225, with 0.8200 acting as a longer-term support.
Bullish Scenario:
A confirmed breakout above 0.8274 on a daily close would challenge the bearish outlook.
This could trigger further upside momentum, leading to a test of 0.8290, followed by 0.8305 if bullish momentum strengthens.
A sustained move above 0.8305 could signal a broader shift in trend dynamics.
Conclusion:
The overall sentiment remains bearish, but an oversold bounce toward 0.8274 could provide a fresh shorting opportunity if rejection occurs. However, a break above 0.8274 and a daily close beyond this level would open the door for further upside. Traders should watch price action around this key resistance zone to confirm the next directional move.
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