EURGBP Consolidates within Trading Range: Key Levels to Watch for Potential Breakout

EURGBP has failed to break above the resistance level at 0.8620 and is currently moving sideways within a trading range between 0.8586 and 0.8620. This indicates a consolidation phase in the market.

As long as the resistance at 0.8620 holds, it suggests that the downside move from 0.8714 could continue. The next target for the pair would be at 0.8570, followed by the previous low at 0.8548. These levels could act as support where the price may find buying interest or encounter potential reversals.

On the upside, if the price manages to break above the resistance level at 0.8620, it would indicate that the downside move has likely completed at 0.8586. In this case, the pair may find the next resistance level at 0.8639.